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 amending Orders authorizing the issuance of Harris County, Texas, General Obligation Commercial Paper Notes, Series B and D and General Obligation Unlimited Tax Commercial Paper Notes, Series C. The foregoing Order includes authorization of the engagement of Note Counsel pursuant to an engagement letter under which Harris County will obtain specialized legal services in connection with the amendments of the above-mentioned Orders, based on the demonstrated competence and qualifications of such firm; finding that (i) such legal services require specialized expertise and experience in municipal finance, federal tax law and federal and state securities laws and therefore cannot be adequately performed by the attorneys and supporting personnel of the County, (ii) 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 until the successful closing of the contemplated transaction and (iii) entering into contingent fee contracts for legal services is in the best interest of the residents of the County because such firm will only be paid in the event that the contemplated transactions are completed and successfully closed.
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Background and Discussion:
On November 8, 2022, Harris County voters approved all three bonds' propositions: $100 million for public safety faci...
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