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 the issuance of Harris County, Texas, Toll Road System First Lien Revenue Commercial Paper Notes, Series K-2 in an aggregate principal amount not to exceed one hundred fifty million dollars ($150,000,000); approving the form and substance of the Harris County, Texas Toll Road Fourth Supplemental Toll Road Revenue Bonds Trust Indenture; authorizing the execution of documents and instruments necessary or convenient to carry out the sale and delivery of the Series K-2 Notes including the commercial paper dealer agreements, an issuing and paying agency agreement, the reimbursement agreement, the fee letter, the bank note and the commercial paper Offering Memorandum; authorizing and ratifying other actions and activities to support the issuance and administration of the notes, including the opening of bank accounts; making certain findings with respect thereto; and containing other provisions relating to the subject.
end
Background and Discussion:
At this time Toll Road CP, Series K does not have enough capacity to fund their project’s appropriation needs. It is in the best interest of the County to establish an additional CP program for HCTRA.
Expected Impact:
It provides available resources to HCTRA.
Alternative Options:
Toll Road could opt to pause or slow down some of their ongoing and upcoming projects until cash is available, however this option is not recommended.
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 |
|
02/21/23 |
26 |
Approval of a Go Forward Order and engagement of professionals in connection with the establishment of the Toll Road CP program. |
Location:
Address (if applicable): N/A
Precinct(s): Choose an item.
|
Fiscal and Personnel Summary |
|
Service Name |
Commercial Paper |
|
|
FY 23 |
FY 24 |
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: May 16, 2023
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): Order