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: Regular 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 for approval of an order ratifying and confirming the terms and provisions of the Harris County General Obligation Unlimited Tax Commercial Paper Notes, Series C, as established by the Eighth Amended and Restated Order relating thereto; approving such Eighth Amended and Restated Order; and containing other matters relating thereto.
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Background and Discussion:
Sumitomo Bank is the current facility provider for Commercial Paper, Series C. The current agreement expires on December 9, 2025. The Office of Management and Budget has determined that it is in the best interest of the County to extend the credit agreement with Sumitomo Bank for a 5-year term. The County has extended the credit agreement to December 9, 2030 with 28 bps facility fees.
Expected Impact:
Under the extension agreement, facility fees will increase from 0.25% to 0.28% after December 9, 2025, an increase of $118K annually.
Alternative Options: N/A
County Strategic Plan Goal: N/A
County Strategic Plan Objective: N/A
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