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 authorizing the issuance of Harris County, Texas, Toll Road System First Lien Revenue Commercial Paper Notes, Series K-2 in an aggregate principal amount not to exceed one hundred fifty million dollars ($150,000,000); approving the form and substance of the Harris County, Texas Toll Road Fourth Supplemental Toll Road Revenue Bonds 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 commercial paper dealer agreements, an issuing and paying agency agreement, the reimbursement agreement, the fee letter, the bank note and the commercial paper Offering Memorandum; authorizing and ratifying other actions and activities to support the issuance and administration of the notes, including the opening of bank accounts; making certain findings with respect thereto; and containing other provisions relating to the subject.
end
Background and Discussion:
At this time Toll Road CP, Series K does not have enough capacity to fund their project's appropriation needs. It is in the best interest of the County to establish an additional CP program for HCTRA.
Expected Impact:
It provides available resources to HCTRA.
Alternative Options:
Toll Road could opt to pause or slow down some of their ongoing and upcoming projects until cash is available, however this option is not recommended.
Alignment with Goal(s):
_ Justice and Safet...
Click here for full text