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: Policy
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 the Harris County Debt Management Policy.
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Background and Discussion:
The policy sets guidelines for issuing debt and managing outstanding debt portfolio for the County and the Flood Control District to achieve the lowest cost of capital and maintain strong credit ratings. In compliance with the policy, it is updated, reviewed and submitted to court annually.
The policy includes the following changes:
* Under Responsibility section in second paragraph, a language "in collaboration with other stakeholders" was added.
* Under the General Obligation debt, the "Certificates of Obligation/Hotel Tax Occupancy Bonds" was split into two bullets, "Tax & Subordinate Lien Revenue (HOT) Bonds" and "Certificates of Obligation".
* Under the New Debt Issuance section in the 2nd bullet "30 years for revenue debt" was changed to "up to 40 years for revenue debt for the Toll Road".
* Added a paragraph for revenue-supported debt under guidelines for New Debt Issuance section.
* Added a language "Bonds that are not currently advance refundable may also be eligible for a tax-exempt refunding via a tender offer" in the 3rd bullet under guidelines for Refunding Debt Issuance section.
* Re-word Key Debt Monitoring Metrics to "Monitoring Key Deb...
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