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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 7/17/2018
ALL
Item Creation Date: 6/24/2018
FIN Commercial Paper FY19
Agenda Item#: 9.
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| | | | | | | | Summary:
ORDINANCE amending and ratifying Ordinance Nos. 2015-77, 2017-821, & 2013-89 relating to the Series G, H-2 and J Commercial Paper Programs pertaining to the authorized purposes of such Commercial Paper Programs and making findings relating thereto and declaring an emergency |
| | | | | | | | Background:
SUBJECT:
AN ORDINANCE AMENDING AND RATIFYING ORDINANCE NOS. 2015-77, 2017-821, & 2013-89, RELATING TO THE SERIES G, H-2, & J COMMERCIAL PAPER PROGRAMS PERTAINING TO THE AUTHORIZED PURPOSES OF SUCH COMMERCIAL PAPER PROGRAMS; AND MAKING FINDINGS RELATING THERETO AND DECLARING AN EMERGENCY.
RECOMMENDATION:
APPROVE AN ORDINANCE AMENDING AND RATIFYING ORDINANCE NOS. 2015-77, 2017-821, & 2013-89 RELATING TO THE SERIES G, H-2, & J COMMERCIAL PAPER PROGRAMS PERTAINING TO THE AUTHORIZED PURPOSES OF SUCH COMMERCIAL PAPER PROGRAMS; AND MAKING FINDINGS RELATING THERETO AND DECLARING AN EMERGENCY.
SPECIFIC EXPLANATION:
In 1993, City Council authorized commercial paper programs to provide appropriation capacity and on-time funding for capital projects. The commercial paper notes are later refinanced to long-term fixed rate public improvement bonds with amortizations that match the useful life of the projects being financed.
City Council has previously authorized commercial paper issuance in support of the voter authorized public improvement bonds (2006, 2012 and 2017 Bond Elections). There is capacity under the General Obligation Commercial Paper Notes, Series G, H-2, & J, to continue to support the 2006, 2012 and 2017 Bond Elections. By authorizing an additional allocation, and approving the amending ordinance, Council will allow the commercial paper program to meet anticipated appropriation needs through the end of fiscal year 2019.
The recommended allocation is based on the FY2019 CIP as follows
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Program and Department
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Election Authorization
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Approved by City Council for CP Issuance
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Requested Additional CP Capacity Allocation
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New CP Allocation
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Remaining Balance
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2012 Bond Election
(in thousands)
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Public Safety
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144,000
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138,558
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5,442
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144,000
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0
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Parks and Recreation
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166,000
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143,880
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22,120
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166,000
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0
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Permanent and General Improvements
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57,000
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57,000
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0
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57,000
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0
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Public Libraries
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28,000
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28,000
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0
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28,000
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0
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Low Income Housing
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15,000
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4,208
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1,100
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5,308
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9,692
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Total
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410,000
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371,646
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28,662
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400,308
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9,692
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Program and Department
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Election Authorization
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Approved by City Council for CP Issuance
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Requested Additional CP Capacity Allocation
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New CP Allocation
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Remaining Balance
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2017 Bond Election
(in thousands)
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Public Safety
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159,000
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0
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25,864
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25,864
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133,136
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Parks
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104,000
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0
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16,876
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16,876
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87,124
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Permanent and General Improvements
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109,000
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6,831
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21,311
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28,142
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80,858
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Library
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123,000
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2,797
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24,287
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27,084
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95,916
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Total
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495,000
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9,628
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88,338
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97,966
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397,034
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_______________________________________
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Tantri Emo, Finance Director
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| | | | | | | | Prior Council Action:
10/24/2006 2006-1074; 7/18/2007 2007-0846; 2/27/2008 2008-0130;
7/30/2008 2008-0670; 12/10/2008 2008-1147; 6/16/2009 2009-0527; 12/15/2010 2010-1034 04/28/2010 2010-327; 09/19/2012 2012-0833
07/23/2013 2013-0666; 09/03/2014 2014-0803; 08/15/2015 2015-765; 08/03/2016 2016-578; 07/26/2017 2017-544 & 04/11/2018 2018-0287 |
| | | | | | | | Amount and Source of Funding:
N/A |
| | | | | | | | Contact Information:
Melissa Dubowski - Assistant Director
Phone: 832-393-9101
Jaime Alvarez - Division Manager
Phone: 832-393-9066
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| ATTACHMENTS: | | Description | Type | | Coversheet | Signed Cover sheet |
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