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.
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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 decreas...
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