AMENDED AND RESTATED ORDINANCE authorizing, approving, confirming and ratifying certain matters relating to the issuance of City of Houston, Texas, General Obligation Commercial Paper Notes, Series G-2, in an Aggregate Principal Amount, not to exceed $125,000,000 for the purpose of financing certain Authorized Purposes; causing the levy of an Ad Valorem Tax in payment of such Notes; approving and authorizing certain Authorized Officers and Employees to act on behalf of the City in the Selling and Delivery of such Notes; making Covenants and Agreements in connection therewith and resolving other matters incident and related to the Issuance, Sale, Delivery and Security of the Notes including the approval of a Credit Agreement; approving of the Form of Dealer Agreement and issuing and Paying Agency Agreement; authorizing and approving the Offering Memorandum relating to such Notes; amending certain prior Ordinances pertaining to existing Commercial Paper General Obligation Programs; and declaring an emergency

RECOMMENDATION:
Approve an Ordinance authorizing, approving, confirming and ratifying certain matters relating to the City of Houston, Texas, General Obligation Commercial Paper Notes, Series G-2 (Series G-2), in an aggregate principal amount not to exceed $125 million for the purpose of financing certain authorized purposes.

SPECIFIC EXPLANATION:
Starting in 1993, City Council created commercial paper programs to provide appropriation capacity and “on time” funding for various capital expenditures of the City funded with proceeds of general obligation debt (i.e. public improvement debt). The issuance of commercial paper has provided an expedient, cost-effective method of providing interim financing. Commercial paper notes are later refinanced with fixed rate bonds with maturities matching the useful lives of the projects or equipment being financed.

The existing credit agreement that supports the General Obligation Series G-2 commercial paper program is scheduled to expire on November 19, 2025. The Series G-2 commercial paper program currently supports the City's Capital Improvement Program and utilizes voted public improvement bond authority from various bond elections held by the City.

Pursuant to a Request for Term Sheet, Bank of America, National Association was selected to provide a revolving line of credit for the Series G-2 in the amount of $125 million, plus interest. The liquidity facility will have a 3-year term. The Fee Agreement will be approved as part of the Ordinance.

This transaction was presented to the Budget and Fiscal Affairs Committee on October 7, 2025.

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Melissa Dubowski, Chief Business Officer/Director of Finance Chris Hollins, Houston City Controller

Alma Tamborello                                   Phone: 832-393-9099