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: Supplemental RCA
Type of Request: Bonds
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): N/A
MWBE Contracted Goal (if applicable): 30%
MWBE Current Participation (if applicable): N/A
Justification for 0% MWBE Participation Goal: N/A - Goal is not 0% and is listed above
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 by the Office of Management and Budget for approval of an order approving proceedings to authorize Harris County, Texas, Toll Road First Lien Revenue Refunding Bonds, Series 2025A, including the preparation of financing and offering documents; approving the engagement of professionals in connection with the foregoing; and making other provisions regarding such bonds, and matters incident thereto, MWBE Contracted Goal: 30%.
end
Background and Discussion:
HCTRA intends to issue bonds in an amount not to exceed $250 million to refund certain outstanding bonds and refund CP Notes, Series K and Series K-2 to restore CP capacity.
The go forward order authorizes the execution and delivery of engagement letters with contingent fee payment provisions with the following professionals: Greenberg Traurig LLP and West & Associates LLP, as co-bond counsel (“Co-Bond Counsel”); and Frost Brown Todd LLP and the Law Offices of Francisco G. Medina, as co-disclosure counsel (“Co-Disclosure Counsel”) in order for the County to obtain specialized legal services from such professionals in connection with the issuance of bonds. The engagement of Co-Bond Counsel and Co-Disclosure Counsel is based on the demonstrated competence, qualifications, and experience of the lawyers at such firms and the longstanding nature of their professional relationship with the County. Such professional services require specialized expertise in municipal finance law, federal tax law and federal and state securities laws and therefore cannot be adequately performed by other attorneys or supporting personnel of the County, and such legal services cannot be reasonably obtained from attorneys in private practice under a contract providing for the payment of hourly fees without contingency because the County will not be obligated to pay any legal fees in connection with the bonds unless the bonds are issued. As such, contingent fee contracts for such legal services are in the best interest of the County and its residents because Co-Bond Counsel and Co-Disclosure Counsel will only be paid in the event that the bonds are actually issued. The foregoing statement is provided in compliance with Section 2254.1036, Texas Government Code.
Expected Impact:
Restore CP capacity and savings for refunding bonds.
Alternative Options: N/A
County Strategic Plan Goal: N/A
County Strategic Plan Objective: N/A
Justice/Safety Initiative (Goal 1): Choose an item.
Infrastructure Initiative (Goal 2): Choose an item.
Economy Initiative (Goal 3): Choose an item.
Health Initiative (Goal 4): Choose an item.
Climate/Resilience Initiative (Goal 5): Choose an item.
Housing Initiative (Goal 6): Choose an item.
Additional notes related to the Strategic Plan: N/A
Prior Court Action (if any):
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Date |
Agenda Item # |
Action Taken |
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Location:
Address (if applicable):
Precinct(s): Choose an item.
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Fiscal and Personnel Summary |
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Service Name |
Bonds |
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Current Fiscal Year Cost |
Annual Fiscal Cost |
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Labor |
Non-Labor |
Total |
Recurring Expenses |
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Funding Sources |
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Existing Budget |
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Choose an item. |
$ |
$ |
$ |
$ |
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Choose an item. |
$ |
$ |
$ |
$ |
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Choose an item. |
$ |
$ |
$ |
$ |
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Total Existing Budget |
$ |
$ |
$ |
$ |
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Additional Budget Request (Requires Fiscal Review Request Form) |
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Choose an item. |
$ |
$ |
$ |
$ |
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Choose an item. |
$ |
$ |
$ |
$ |
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Choose an item. |
$ |
$ |
$ |
$ |
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Total Additional Budget Request |
$ |
$ |
$ |
$ |
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Total Funding Sources |
$ |
$ |
$ |
$ |
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Grants - Proposed Budget (To be filled out by Grants staff only) |
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Labor |
Non-Labor |
Total |
No. of Grant Years |
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Local Match Source - Existing Budget: Choose an item. |
$ |
$ |
$ |
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Local Match Source - Additional Budget Request: Choose an item. |
$ |
$ |
$ |
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Grant Funds Applied for/Awarded (Total) |
$ |
$ |
$ |
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Personnel (Fill out section only if requesting new PCNs) |
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Current Position Count for Service |
- |
- |
- |
- |
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Additional Positions Request |
- |
- |
- |
- |
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Total Personnel |
- |
- |
- |
- |
Anticipated Court Date: 2/27/2025
Anticipated Implementation Date (if different from Court date): 5/30/2025
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): Go Forward Order