| | | | | | | |  |
CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 9/3/2014
ALL
Item Creation Date: 8/27/2014
FIN- Texas General Obligation Commercial Paper Notes, Series G, H-2 & J
Agenda Item#: 20.
| |
|
| | | | | | | | Summary:
ORDINANCE amending and ratifying Ordinance Nos. 2013-87, 2013-88 and 2013-89, as amended by Ordinance No. 2013-666, relating to the City of Houston, Texas General Obligation Commercial Paper Notes, Series G, H-2, & J; approving and authorizing an amendment to the authorized purposes of such commercial paper programs |
| | | | | | | | Background:
SUBJECT:
ORDINANCE amending and ratifying Ordinance Nos. 2013-87, 2013-88, & 2013-89 relating to the City of Houston, Texas General Obligation Commercial Paper Notes, Series G, H-2, & J; approving and authorizing an amendment to the authorized purposes of such commercial paper program
RECOMMENDATION: Approve an amendment to Ordinance Nos. 2013-87, 2013-88, & 2013-89 relating to the City of Houston, Texas General Obligation Commercial Paper Notes, Series G, H-2, & J to authorize an allocation of $101.325 million from the 2006 and 2012 Bond Authorization.
SPECIFIC EXPLANATION: In 1993, City Council authorized commercial paper programs to provide appropriation capacity and on-time funding for capital projects. The commercial paper notes are later refinanced to long-term fixed rate public improvement bonds with amortizations that match the useful life of the projects being financed.
City Council has previously authorized commercial paper issuance in support of the Bond Elections voter authorized public improvement bonds (2006 Bond Election). There is capacity under the General Obligation Commercial Paper Notes, Series G, H-2, & J, to continue to support the 2006 and 2012 Bond elections. By authorizing an additional allocation, Council will allow the commercial paper program to meet anticipated appropriation needs through at least the end of Fiscal Year 2015.
The recommended allocation is based on the FY 2015 CIP as follows on page 2:
|
Program and Department
|
Election Authorization
|
Approved by City Council for CP Issuance
|
Requested Additional CP Capacity Allocation
|
New CP Allocation
|
Remaining Balance
|
|
2006 Bond Election($ in ‘000s)
|
|
Street & bridges
|
320,000
|
219,950
|
0
|
219,950
|
100,050
|
|
Public Safety
|
135,000
|
135,000
|
0
|
135,000
|
0
|
|
Parks and Recreation
|
55,000
|
55,000
|
0
|
55,000
|
0
|
|
General Permanent Improvement
|
60,000
|
60,000
|
0
|
60,000
|
0
|
|
Public Libraries
|
37,000
|
37,000
|
0
|
37,000
|
0
|
|
Low Income Housing
|
18,000
|
13,625
|
4,375
|
18,000
|
0
|
|
Total
|
625,000
|
520,575
|
4,375
|
524,950
|
100,050
|
|
|
|
|
|
|
|
2012 Bond Election ($ in ‘000s)
|
|
Public Safety
|
144,000
|
21,800
|
52,350
|
74,150
|
69,850
|
|
Parks and Recreation
|
166,000
|
24,200
|
26,700
|
50,900
|
115,100
|
|
General Permanent Improvement
|
57,000
|
18,875
|
10,550
|
29,425
|
27,575
|
|
Public Libraries
|
28,000
|
8,200
|
5,350
|
13,550
|
14,450
|
|
Low Income Housing
|
15,000
|
0
|
2,000
|
2,000
|
13,000
|
|
Total
|
410,000
|
73,075
|
96,950
|
170,025
|
239,975
|
|
Total Request
|
|
|
$101,325
|
|
|
|
| | | | | | | | 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
07/24/2013 2013-0666
|
| | | | | | | | Contact Information:
Jiame Alvarez 832-393-9066
Chris Gonzales 832-393-9072 |
| ATTACHMENTS: | | Description | Type | | RCA | Signed Cover sheet | | 2014-803 | Ordinance/Resolution/Motion |
|
|