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 an Order authorizing renewal of the Credit Agreement and Amendment to the Fee Letter between Harris County Flood Control District and PNC Bank relating to Harris County Flood Control district Limited Tax Commercial Paper Notes, Series H-2; approving the engagement of professionals in connection thereto; and making other provisions regarding such notes, and matters incident thereto; and containing other matters relating thereto.
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Background and Discussion:
The credit agreement between the Harris County Flood Control District and PNC Bank in connection with the CP Notes, Series H-2 will expire on February 24, 2025. The County has decided to renew its agreement and the bank agreed to extend the final date of the agreement to May 24, 2028.
Expected Impact:
Under the renewal agreement terms, facility fee will increase from 19 bps to 28 bps which will increase annual fees by $196K.
Alternative Options: N/A
Alignment with Goal(s):
_ Justice and Safety
_ Economic Opportunity
_ Housing
_ Public Health
_ Transportation
X Flooding
_ Environment
_ Governance and Customer Service
Prior Court Action (if any):
Date
Agenda Item #
Action Taken
Location:
Address (if applicable): N/A
Precinct(s): Choose an item.
Fiscal and Personnel Summary
Service Name
Commercial Paper
Current Fiscal Year Cost
Annual Fiscal Cost
Labor
Non-Labor
Total
Recurring Expenses
Funding Sources
Existing Budget
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