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: Commercial Paper
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 a Ninth Amended Order authorizing the issuance of Harris County, Texas, General Obligation Commercial Paper Notes, Series D-3 in an aggregate principal amount not to exceed $200,000,000 for the purpose of providing money for certain authorized purposes; approving and authorizing certain authorized officers and employees to act on behalf of the County in the selling and delivery of such notes, within the limitations and procedures specified herein; making certain covenants and agreements in connection therewith; resolving other matters incident and related to the issuance, sale, delivery and security of the notes, including the approval of an offering memorandum and a credit agreement, and ratifying and confirming the terms and provisions of the issuing and paying agent agreement and commercial paper dealer agreement.
end
Background and Discussion:
Wells Fargo is the current facility provider for CP Notes, Series D-3. The agreement with the bank will expire on November 12, 2024. The County sent out RFPs for selection of a new liquidity provider and received 5 responses. OMB has selected Truist Bank as the new facility. The County will be entering a 5-year term agreement with the bank.
Expected Impact:
Under a new agreement, facility fee will decrease to 0.21% from the current fee of 0.24% which will generate an annual savings of $60,833.
Alternative Options:
N/A
Alignment with Goal(s):
_ Justice and Safety
_ Economic Opportunity
_ Ho...
Click here for full text