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: 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 in an aggregate principal amount not to exceed $200,000,000; approving the form and substance of the Harris County, Texas Toll Road Seventh 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 notes including the Series K credit agreement, the reimbursement 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:
PNC Bank is the current facility provider for Commercial Paper, Series K and the agreement with the bank will expire on May 22, 2025. The County has decided to replace PNC with Truist Bank and will enter a 5-year term agreement with 23 bps fee rate with the bank. The transaction is scheduled to close on May 6, 2025.
Expected Impact:
Under the new facility provider agreement, facility fees will decrease from 0.25% to 0.23% which generate an annual savings of $44,000.
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):
|
Date |
Agenda Item # |
Action Taken |
|
02/27/25 |
148 |
Approval of a go forward order to replace the credit facility for Series K. |
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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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: 4/16/2025
Anticipated Implementation Date (if different from Court date): 5/6/2025
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): Series K Order