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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 10/31/2023
Item Creation Date:
FIN - GO Voter Authorized CP
Agenda Item#: 14.
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| | | | | | | | Summary:
ORDINANCE authorizing and amending certain General Obligation Commercial Paper Programs, including Series G, Series H-2 and Series J, relating to the authorized purposes thereof; confirming, ratifying and determining certain matters relating to such programs and matters related thereto; and making findings relating thereto and declaring an emergency |
| | | | | | | | Background:
RECOMMENDATION:
Approve an ordinance amending and ratifying, 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 (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 2012, 2017 and 2022 Bond Elections. By authorizing an additional allocation, and approving the amending ordinance, Council will allow the commercial paper program to meet anticipated appropriation needs.
The recommended allocation is based on the FY2024-2028 Capital Improvement Plan 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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CP Approved by City Council but Unissued
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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
|
144,000
|
144,000
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0
|
0
|
144,000
|
0
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Parks and Recreation
|
166,000
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166,000
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24,668
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0
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166,000
|
0
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Permanent and General Improvements
|
57,000
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57,000
|
1,922
|
0
|
57,000
|
0
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Public Libraries
|
28,000
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28,000
|
0
|
0
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28,000
|
0
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Low Income Housing
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15,000
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10,188
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4,940
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4,812
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15,000
|
0
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Total
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410,000
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405,188
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31,530
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4,812
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410,000
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0
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|
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|
|
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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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159,000
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112,995
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0
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159,000
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0
|
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Parks and Recreation
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104,000
|
53,918
|
38,918
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50,082
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104,000
|
0
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Permanent and General Improvements
|
109,000
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92,634
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31,540
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16,366
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109,000
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0
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Public Libraries
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123,000
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52,799
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10,865
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70,201
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123,000
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0
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Total
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495,000
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358,351
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194,318
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136,649
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495,000
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0
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2022 Bond Election
(in thousands)
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Public Safety 1
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277,000
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0
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0
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272,000
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272,000
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0
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Parks and Recreation
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60,000
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0
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0
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60,000
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60,000
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0
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Animal Care - BARC
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47,000
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0
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0
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47,000
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47,000
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0
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Public Health
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33,000
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0
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0
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33,000
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33,000
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0
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Permanent and General Improvements
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29,000
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0
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0
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29,000
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29,000
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0
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Public Libraries
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26,000
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0
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0
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26,000
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26,000
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0
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Solid Waste
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6,000
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0
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0
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6,000
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6,000
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0
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`Total
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478,000
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0
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0
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473,000
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473,000
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0
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Total Request
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614,461
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1 Please note that $5 million of Public Improvement & Refunding Bonds, Series 2023A bond proceeds were deposited into a City project fund in accordance with the Attorney General rules. Thus, the City is seeking to allocate $272 million of the total $277 million of ‘Public Safety’ voter authorization.
_____________________________________________
Williams Jones, Chief Business Officer/Director of Finance |
| | | | | | | | 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; 07/17/2018 2018-0558; 07/10/2019 2019-0522; 07/22/2020 2020-0632; 05/04/2022 2022-338 |
| | | | | | | | Contact Information:
Melissa Dubowski – Deputy Director Phone: 832-393-9101
Christopher Gonzales – Division Manger Phone: 832-393-9072
Fahad Gulzar – Division Manger Phone: 832-393-9074 |
| ATTACHMENTS: | | Description | Type | | Coversheet | Signed Cover sheet |
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