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 Eighth Amended and Restated Order authorizing the issuance of Harris County, Texas, General Obligation Unlimited Tax Commercial Paper Notes, Series C, in an aggregate principal amount not to exceed $360,000,000 for the purpose of providing money for certain authorized purposes; approving and authorizing certain authorized officers and employees to act on behalf of the County in the selling and delivery of such notes, within the limitations and procedures specified herein; making certain covenants and agreements in connection therewith; resolving other matters incident and related to the issuance, sale, delivery and security of the notes, including the approval of a credit agreement and ratifying and confirming the terms and provisions of a commercial paper dealer agreement.
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Background and Discussion:
Sumitomo Bank is the current facility provider for Commercial Paper, Series C. The agreement will expire on December 9, 2025. The County is extending the credit agreement with the bank for a 5-year term with 28 bps facility fees.
Expected Impact:
Under the extension agreement, facility fees will increase from 0.25% to 0.28% which will increase the annual fees by $118K.
Alternative Options: N/A
County Strate...
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