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:
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
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 an order authorizing, approving, confirming and ratifying certain matters relating to the Harris County, Texas, Toll Road System First Lien Revenue Commercial Paper Notes, Series K-2, in an aggregate principal amount not to exceed $150,000,000; approving the form and substance of the Harris County, Texas Toll Road Eighth Supplemental Toll Road Revenue Bond 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 Series K-2 credit agreement, the fee letter, the bank note and the commercial paper offering memorandum; authorizing and ratifying other actions; making certain findings with respect thereto; and containing other provisions relating to the subject.
end
Background and Discussion:
Barclays Bank is the current letter of credit provider for HCTRA’s Commercial Paper, Series K-2. The agreement with the bank will expire on June 19, 2026. The County has decided to replace Barclays with US Bank as a new letter of credit provider and will enter into a 5-year term agreement with the bank. The transaction is scheduled to close on June 11, 2026.
Expected Impact:
Under the new credit agreement, facility fees will decrease, generating annual savings.
Alternative Options: N/A
County Strategic Plan Goal: N/A
County Strategic Plan Objective: N/A
Justice/Safety Initiative (Goal 1): N/A
Infrastructure Initiative (Goal 2): N/A
Economy Initiative (Goal 3): N/A
Health Initiative (Goal 4): N/A
Climate/Resilience Initiative (Goal 5): N/A
Housing Initiative (Goal 6): N/A
Additional notes related to the Strategic Plan:
Prior Court Action (if any):
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Date |
Agenda Item # |
Action Taken |
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04/16/26 |
26-2421 |
Approval of the Go Forward order to replace the credit facility for Series K-2. |
Location:
Address (if applicable):
Precinct(s): Choose an item.
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Fiscal and Personnel Summary |
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Service Name |
Commercial Paper |
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Total Existing Budget |
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Additional Budget Request (Requires Fiscal Review Request Form) |
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Grants - Proposed Budget (For Grants Items only) |
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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 |
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Anticipated Court Date: 5/14/2026
Anticipated Implementation Date (if different from Court date): Click or tap to enter a date.
Emergency/Disaster Recovery Note: Not an emergency, disaster, or ARPA related item
Contact(s) name, title, department: Fahad Gulzar, Acting Deputy Executive Director, Office of Management and Budget
Attachments (if applicable): Series K-2 order and supplemental items