Primary Department: Management and Budget
Primary Department Head/Elected Official: Daniel Ramos, Executive Director, Office of Management and Budget
Secondary Department: N/A
Secondary Department Head/Elected Official: N/A
Regular or Supplemental RCA: Supplemental RCA
Type of Request: Commercial Paper
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): N/A
MWBE Contracted Goal (if applicable): N/A
MWBE Current Participation (if applicable): N/A
Justification for 0% MWBE Participation Goal: N/A - Goal not applicable to request
Grant Indirect Costs Rate (if applicable): N/A
Justification for 0% Grant Indirect Costs Rate (if applicable): N/A - Not a grant item
Request Summary (Agenda Caption):
title
Request by the Office of Management and Budget for approval of an order authorizing various actions to initiate proceedings to replace the credit facility for the Harris County, Texas, Toll Road First Lien Revenue Commercial Paper Notes, Series K and to amend and restate the order authorizing the issuance of such notes; approving the engagement of note counsel in connection with the foregoing; and making other provisions regarding such notes and matters incident thereto.
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Background and Discussion:
PNC Bank is the current facility provider for Commercial Paper, Series K. The agreement will expire on April 22, 2025. The County sent out RFPs for selection of a new facility and received four responses with fees ranging from 21 bps to 40 bps for a 3-year term and 23 bps for a 5-year term. The County has selected Truist Bank as a new facility provider having the lowest facility fee of 23 bps for a 5-year term.
Expected Impact:
Under a new facility provider, facility fees will decrease from 0.25% to 0.23% which will generate an annual savings of $44,000.
Alternative Options: N/A
County Strategic Plan Goal: N/A
County Strategic Plan Objective: N/A
Justice/Safety Initiative (Goal 1): Choose an item.
Infrastructure Initi...
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