Legislation Details

File #: 24-3364    Version: 1 Name:
Type: Bonds Status: Agenda Ready
File created: 5/23/2024 In control: Commissioners Court
On agenda: 6/4/2024 Final action: 6/4/2024
Title: Request for approval of an order authorizing various actions to issue and sell Harris County, Texas Tax and Subordinate Lien Revenue Certificates of Obligation, Series 2024, including the preparation of all financing and offering documents; approving the engagement of professionals in connection with the issuance and sale of such certificates of obligation; authorizing publication of notice of intention to issue such certificates of obligation; and making other provisions regarding such obligations and matters incident thereto; and containing other matters relating thereto. The foregoing Order includes authorization of the engagement of Co-Bond Counsel and Co-Disclosure Counsel pursuant to engagement letters under which Harris County will obtain specialized legal services in connection with the issuance of the Harris County, Texas, Tax and Subordinate Lien Revenue Certificates of Obligation, Series 2024, based on the demonstrated competence and qualifications of such firms; finding that (i) such legal services require specialized expertise and experience in municipal finance, federal tax law and federal and state securities laws and therefore cannot be adequately performed by the attorneys and supporting personnel of the County, (ii) such legal services cannot be reasonably obtained from attorneys in private practice under a contract providing for the payment of hourly fees without contingency because the County will not be obligated to pay any legal fees until the successful closing of the contemplated transactions, (iii) entering into a contingent fee contract for legal services is in the best interest of the residents of the County because Co-Bond Counsel and Co-Disclosure Counsel will only be paid in the event that the contemplated transaction is completed and the Obligations successfully issued and delivered, and (iv) the relationship between the County or the Commissioners Court and Co-Bond Counsel and Co-Disclosure Counsel is not improper and would not appear improper to a reasonable person.
Department: Management and Budget
Department Head/Elected Official: Daniel Ramos, Executive Director, Office of Management and Budget

Regular or Supplemental RCA: Regular RCA

Type of Request: Bonds

Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): N/A

MWDBE Contracted Goal (if applicable): N/A
MWDBE Current Participation (if applicable): N/A
Justification for 0% MWDBE Participation Goal: N/A - Goal not applicable to request

Request Summary (Agenda Caption):
title
Request for approval of an order authorizing various actions to issue and sell Harris County, Texas Tax and Subordinate Lien Revenue Certificates of Obligation, Series 2024, including the preparation of all financing and offering documents; approving the engagement of professionals in connection with the issuance and sale of such certificates of obligation; authorizing publication of notice of intention to issue such certificates of obligation; and making other provisions regarding such obligations and matters incident thereto; and containing other matters relating thereto. The foregoing Order includes authorization of the engagement of Co-Bond Counsel and Co-Disclosure Counsel pursuant to engagement letters under which Harris County will obtain specialized legal services in connection with the issuance of the Harris County, Texas, Tax and Subordinate Lien Revenue Certificates of Obligation, Series 2024, based on the demonstrated competence and qualifications of such firms; finding that (i) such legal services require specialized expertise and experience in municipal finance, federal tax law and federal and state securities laws and therefore cannot be adequately performed by the attorneys and supporting personnel of the County, (ii) such legal services cannot be reasonably obtained from attorneys in private practice under a contract providing for the payment of hourly fees without contingency because the County will not be obligated to pay any legal fees until the successfu...

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