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 a Ninth Amended Order authorizing the issuance of Harris County, Texas, General Obligation Commercial Paper Notes, Series D-3 in an aggregate principal amount not to exceed $200,000,000 for the purpose of providing money for certain authorized purposes; approving and authorizing certain authorized officers and employees to act on behalf of the County in the selling and delivery of such notes, within the limitations and procedures specified herein; making certain covenants and agreements in connection therewith; resolving other matters incident and related to the issuance, sale, delivery and security of the notes, including the approval of an offering memorandum and a credit agreement, and ratifying and confirming the terms and provisions of the issuing and paying agent agreement and commercial paper dealer agreement.
end
Background and Discussion:
Wells Fargo is the current facility provider for CP Notes, Series D-3. The agreement with the bank will expire on November 12, 2024. The County sent out RFPs for selection of a new liquidity provider and received 5 responses. OMB has selected Truist Bank as the new facility. The County will be entering a 5-year term agreement with the bank.
Expected Impact:
Under a new agreement, facility fee will decrease to 0.21% from the current fee of 0.24% which will generate an annual savings of $60,833.
Alternative Options:
N/A
Alignment with Goal(s):
_ Justice and Safety
_ Economic Opportunity
_ Housing
_ Public Health
_ Transportation
_ Flooding
_ Environment
X Governance and Customer Service
Prior Court Action (if any):
|
Date |
Agenda Item # |
Action Taken |
|
06/24/24 |
31 |
Approval of a go forward order and engagement of note counsel in connection with the transaction. |
Location:
Address (if applicable): N/A
Precinct(s): Choose an item.
|
Fiscal and Personnel Summary |
|
Service Name |
Commercial Paper |
|
|
|
Current Fiscal Year Cost |
Annual Fiscal Cost |
|
|
Labor |
Non-Labor |
Total |
Recurring Expenses |
|
Funding Sources |
|
|
Existing Budget |
|
|
|
|
|
Commercial Paper |
$ |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
$ |
|
Total Current Budget |
$ |
$ |
$ |
$ |
|
Additional Budget Request (Requires Fiscal Review Request Form) |
|
|
Choose an item. |
$ |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
$ |
|
Total Additional Budget Request |
$ |
$ |
$ |
$ |
|
Total Funding Request |
$ |
$ |
$ |
$ |
|
Personnel (Fill out section only if requesting new PCNs) |
|
|
Current Position Count for Service |
- |
- |
- |
- |
|
Additional Positions Request |
- |
- |
- |
- |
|
Total Personnel |
- |
- |
- |
- |
Anticipated Court Date: August 6, 2024
Anticipated Implementation Date (if different from Court date): August 26, 2024
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): Ninth Amended Order