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: Bonds
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 authorizing the issuance, sale and delivery of Harris County, Texas Toll Road System First Lien Revenue Refunding Bonds, Series 2023A; approving the Harris County, Texas Toll Road Revenue Bonds Fifth Supplemental Toll Road Revenue Bond Trust Indenture, a bond purchase agreement and an official statement; authorizing an authorized representative to approve the amounts, interest rates, prices and terms of such bonds and certain other matters relating thereto; authorizing the defeasance, final payment and discharge of certain outstanding Harris County, Texas, Toll Road Senior Lien Bonds and Parity Hedge Agreements; authorizing necessary actions, including the execution of documents and instruments necessary or convenient to carry out the issuance, sale and delivery of such bonds and defeasance and termination of such other obligations; authorizing and ratifying other actions and activities to support the issuance and administration of such bonds, including the opening of bank accounts; making certain findings with respect thereto; and containing other provisions relating to the subject.
end
Background and Discussion:
In 2007, the County issued Toll Road Senior Lien Revenue Refunding Bonds, Series 2007B as LIBOR-Index Floating Rate and concurrently entered into two separate Swap agreements with JP Morgan and Citibank in order to hedge the County’s variable interest rate exposure under the Series 2007B Bonds. On June 30, 2023, LIBOR will cease to be published. The County has determined that it is in the best interest to terminate the swaps and refund Series 2007B with fixed rate bonds.
Expected Impact:
It is expected that on a present value basis, the debt service cashflows of the refunding bonds will not exceed the cashflows that would have occurred on the existing 2007B bonds and associated swaps.
Alternative Options: N/A
Alignment with Goal(s):
_ Justice and Safety
_ Economic Opportunity
_ Housing
_ Public Health
X Transportation
_ Flooding
_ Environment
_ Governance and Customer Service
Prior Court Action (if any):
|
Date |
Agenda Item # |
Action Taken |
|
04/04/23 |
26 |
Approval of a Go Forward Order and engagement of professionals in connection with the issuance of the Series 2023A Bonds |
Location:
Address (if applicable): N/A
Precinct(s): Choose an item.
|
Fiscal and Personnel Summary |
|
Service Name |
Bonds |
|
|
FY 23 |
FY 24 |
Next 3 FYs |
|
Incremental Expenditures (do NOT write values in thousands or millions) |
|
Labor Expenditures |
$ |
$ |
$ |
|
Non-Labor Expenditures |
$ |
$ |
$ |
|
Total Incremental Expenditures |
$ |
$ |
$ |
|
Funding Sources (do NOT write values in thousands or millions) |
|
Existing Budget |
|
Choose an item. |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
|
Total Current Budget |
$ |
$ |
$ |
|
Additional Budget Requested |
|
Choose an item. |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
|
Total Additional Budget Requested |
$ |
$ |
$ |
|
Total Funding Sources |
$ |
$ |
$ |
|
Personnel (Fill out section only if requesting new PCNs) |
|
Current Position Count for Service |
- |
- |
- |
|
Additional Positions Requested |
- |
- |
- |
|
Total Personnel |
- |
- |
- |
Anticipated Court Date: May 16, 2023
Anticipated Implementation Date (if different from Court date):
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): Order