Here's the audio from the meeting, .  Here is a rough transcript   and here's what that Pig in a Poke with Sr20 actually is. And here is the meeting agenda. Here is how this was listed on the March 10 2014 Somervell County Commissioners Court aqenda

Here is the agreement to create the Paluxy Public Facility Corporation.  (Hat Tip to JS for finding this document). And here are the relevant parts of the agreement that the commissioners and Mike Ford voted for, to make themselves into a public corporation for the purposes of ISSUING BONDS. Since SR20's credit stinks, would it be Somervell County that would get the bonds? Yes, we can say that SR20 would use the *ability* of Somervell County to get bonds to push for investors (sounds like con game, doesn't it? Call it The Grifters of Somervell County)

What does the Texas law say?

LOCAL GOVERNMENT CODE

 

TITLE 9. PUBLIC BUILDINGS AND GROUNDS

 

SUBTITLE C. PUBLIC BUILDING PROVISIONS APPLYING TO MORE THAN ONE TYPE OF LOCAL GOVERNMENT

 

CHAPTER 303. PUBLIC FACILITY CORPORATIONS

 

SUBCHAPTER A. GENERAL PROVISIONS

 

Sec. 303.001. SHORT TITLE. This chapter may be cited as the Public Facility Corporation Act.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 11, eff. Sept. 1, 1999.

Sec. 303.002. PURPOSE; CONSTRUCTION. (a) The purpose of this chapter is to authorize the creation and use of public facility corporations with the broadest possible powers to finance or to provide for the acquisition, construction, rehabilitation, renovation, repair, equipping, furnishing, and placement in service of public facilities in an orderly, planned manner and at the lowest possible borrowing costs.

(b) The legislature intends that a corporation created under this chapter be a public corporation, constituted authority, and instrumentality authorized to issue bonds on behalf of its sponsor for the purposes of Section 103, Internal Revenue Code of 1986 (26 U.S.C. Section 103). This chapter and the rules and rulings issued under this chapter shall be cons1d according to this intent.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 11, eff. Sept. 1, 1999.

Sec. 303.003. DEFINITIONS. In this chapter:

(1) "Board of directors" means the board of directors of a corporation.

(2) "Bonds" includes notes, interim certificates, or other evidences of indebtedness of a corporation issued or incurred under this chapter.

(3) "Corporation" means a public facility corporation created and existing under this chapter.

(4) "Credit agreement" means a loan agreement, revolving credit agreement, agreement establishing a line of credit, letter of credit, reimbursement agreement, insurance contract, commitment to purchase bonds or sponsor obligations, purchase or sale agreement, or commitment or other contract or agreement authorized and approved by the board of directors of a corporation in connection with the authorization, issuance, incurrence, sale, security, exchange, payment, purchase, or redemption of bonds or interest on bonds.

(5) "Director" means a member of a board of directors.

(6) "Housing authority" means a public corporation created under Chapter 392.

(7) "Public facility" means any real, personal, or mixed property, or an interest in property devoted or to be devoted to public use, and authorized to be financed, refinanced, or provided by sponsor obligations.

(8) "Resolution" means a resolution, order, ordinance, or other official action by the governing body of a sponsor.

(9) "School district" means a political subdivision created under Section 3, Article VII, Texas Constitution.

(10) "Special district" means:

(A) a district created under Section 52, Article III, or Section 59, Article XVI, Texas Constitution;

(B) a hospital district or authority; or

(C) a junior college district authorized by Chapter 130, Education Code.

(11) "Sponsor" means a municipality, county, school district, housing authority, or special district that causes a corporation to be created to act in accordance with this chapter.

(12) "Sponsor obligation" means an evidence of indebtedness or obligation that a sponsor issues or incurs to finance, refinance, or provide a public facility, including bonds, notes, warrants, certificates of obligation, leases, and contracts authorized by Section 303.041 and Subchapter C.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 11, eff. Sept. 1, 1999.

And what about that part of the IRS code that the document makes reference to? YOu see, this, they CANNOT issue these bonds to a private entity without a PUBLIC HEARING. Mike Ford at it again

RS issues proposed regulations on the TEFRA public approval requirements applicable to tax-exempt private activity bonds

• Hogan Lovells