24-3877
Request for approval of an order authorizing various actions to issue and sell Harris County, Texas Tax and Subordinate Lien Revenue Bonds, Series 2024, including the preparation of all financing and offering documents; approving the engagement of professionals in connection with the issuance and sale of such bonds; and making other provisions regarding such bonds and matters incident thereto; and containing other matters related thereto. The foregoing Order includes authorization of the engagement of Co-Bond Counsel pursuant to engagement letters under which Harris County will obtain specialized legal services in connection with the issuance of the Harris County, Texas, Tax and Subordinate Lien Revenue Bonds, Series 2024, based on the demonstrated competence and qualifications of such firms; finding that (i) such legal services require specialized expertise and experience in municipal finance, federal tax law and federal and state securities laws and therefore cannot be adequately performed by the attorneys and supporting personnel of the County, (ii) such legal services cannot be reasonably obtained from attorneys in private practice under a contract providing for the payment of hourly fees without contingency because the County will not be obligated to pay any legal fees until the successful closing of the contemplated transactions, (iii) entering into a contingent fee contract for legal services is in the best interest of the residents of the County because Co-Bond Counsel will only be paid in the event that the contemplated transaction is completed and the Obligations successfully issued and delivered, and (iv) the relationship between the County or the Commissioners Court and Co-Bond Counsel is not improper and would not appear improper to a reasonable person. MWDBE Contracted Goal: 30%.
- Committee
- Commissioners Court
- Requested by
- Management and Budget
- Introduced
- June 14, 2024
- On agenda
- June 25, 2024
- Passed
- June 25, 2024