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 ratifying and confirming the terms and provisions of the Harris County, Texas, Toll Road First Lien Revenue and Refunding Bonds, Series 2024A, as established by the pricing certificate relating thereto; approving such pricing certificate; and containing other matters relating thereto.
end
Background and Discussion:
The County issued $950 million Toll Road First Lien Revenue & Refunding Bonds, Series 2024A Bonds to refund CP Notes, Series K and Series K-2 in an aggregate amount of $218,430,000 and new money to finance certain cost of projects including Ship Channel Bridge and Hardy Downtown Connector.
Expected Impact:
On 05/21/24, the County successfully priced the bonds and it was closed on 6/11/24. The bond proceeds refunded Series K and K-2 Notes which restore CP capacity. New money in the amount of $778 million will be used to fund certain toll road projects. The issuance of Series 2024A Bonds increase the total outstanding Toll Road Bonds with bond principals maturing from 2025 to 2054.
Alternative Options:
N/A
Alignment with Goal(s):
_ Justice and Safety
_ Economic Opportunity
_ Housing
_ Public Health
x Transportation
_ Flooding
_ Environment
_ Governance and Customer Service
Prior Court Action (if any):
|
Date |
Agenda Item # |
Action Taken |
|
01/30/24 |
36 |
Approval of a go forward order and engagement of co-bond counsel, do-disclosure counsel and underwriters. |
|
05/07/24 |
32 |
Approval of an order authorizing the issuance and sale of Toll Road First Lien Revenue & Refunding Bonds, Series 2024A |
Location:
Address (if applicable): N/A
Precinct(s): Choose an item.
|
Fiscal and Personnel Summary |
|
Service Name |
Bonds |
|
|
FY 24 |
FY 25 |
Next 3 FYs |
|
Incremental Expenditures (do NOT write values in thousands or millions) |
|
Labor Expenditures |
$ |
$ |
$ |
|
Non-Labor Expenditures |
$ |
$ |
$ |
|
Total Incremental Expenditures |
$ |
$ |
$ |
|
Funding Sources (do NOT write values in thousands or millions) |
|
Existing Budget |
|
Choose an item. |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
|
Total Current Budget |
$ |
$ |
$ |
|
Additional Budget Requested |
|
Choose an item. |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
|
Total Additional Budget Requested |
$ |
$ |
$ |
|
Total Funding Sources |
$ |
$ |
$ |
|
Personnel (Fill out section only if requesting new PCNs) |
|
Current Position Count for Service |
- |
- |
- |
|
Additional Positions Requested |
- |
- |
- |
|
Total Personnel |
- |
- |
- |
Anticipated Court Date: June 25, 2024
Anticipated Implementation Date (if different from Court date):
Emergency/Disaster Recovery Note: Not an emergency, disaster, or COVID-19 related item
Contact(s) name, title, department: Amy Perez, Deputy Executive Director, Office of Management and Budget
Attachments (if applicable): Toll Road Series 2024A Ratifying Order