Addendum_2_Attachment__25._Anti-Dilution_Certificate_02764200.pdf
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- Solicitation number
- RFQ2025-002
- Issued by
- Polk County, Lake Harbor CDP, Florida
About this file
This document is an Anti-Dilution Test Certificate for the City of Kissimmee, Florida, related to the issuance of two series of Capital Improvement Revenue Bonds totaling $72,650,000 ($58,510,000 Series 2024A and $14,140,000 Series 2024B). The certificate, signed by Tavia Ritchie, Finance Director, confirms compliance with anti-dilution tests specified in the original Resolution No. 15-2014 and a Loan Agreement dated July 23, 2015, between the City and Pinnacle Public Finance, Inc.
The attached budget revenue report and financial analysis reveal that the City of Kissimmee has total non-ad valorem revenues of $77,111,101.08, with general government expenditures of $26,988,843 and public safety expenditures of $50,663,264. The anti-dilution test calculation shows legally available non-ad valorem revenues of $16,067,493 against maximum annual debt service (MADS) of $10,216,126 for fiscal year 2025, resulting in an anti-dilution coverage ratio of 157%, which exceeds the required threshold and demonstrates the city's strong financial capacity to take on additional debt.
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ANTI-DILUTION TEST CERTIFICATE
I, Tavia Ritchie, Finance Director of the City of Kissimmee, Florida (the "Issuer"), DO
HEREBY CERTIFY that:
As demonstrated in Schedule "A" attached hereto, the issuance of the $58,510,000 City of
Kissimmee, Florida Capital Improvement Revenue Bonds, Series 2024A and the $14,140,000 City of Kissimmee, Florida Taxable Capital Improvement Revenue Bonds, Series 2024B on the date hereof is in full compliance with the anti-dilution test described in Section 10(G) of Resolution
No. 15-2014 adopted by the City Commission of the Issuer on May 20, 2014, and Section 9(F) of the Loan Agreement dated July 23, 2015, between the Issuer and Pinnacle Public Finance, Inc.
IN WITNESS WHEREOF, I have hereunto set my hand this 9th day of October, 2024.
CITY OF KISSIMMEE, FLORIDA
Tavia Ritchie, Finance Director
25428/018/02226374.DOCXv2
ANTI-DILUTION TEST CERTIFICATE
I, Tavia Ritchie, Finance Director of the City of Kissimmee, Florida (the "Issuer"), DO HEREBY CERTIFY that:
As demonstrated in Schedule "A" attached hereto, the issuance of the $58,510,000 City of Kissimmee, Florida Capital Improvement Revenue Bonds, Series 2024A and the $14,140,000 City of Kissimmee, Florida Taxable Capital Improvement Revenue Bonds, Series 2024B on the date hereof is in full compliance with the anti-dilution test described in Section 10(G) of Resolution No. 15-2014 adopted by the City Commission of the Issuer on May 20, 2014, and Section 9(F) of the Loan Agreement dated July 23, 2015, between the Issuer and Pinnacle Public Finance, Inc.
IN WITNESS WHEREOF, I have hereunto set my hand this 9th day of October, 2024.
CITY OF KISSIMMEE, FLORIDA
Tavia Ritchie, Finance Director
25428/018/02226374.DOCXv2
25428/018/02226374.DOCXv2
SCHEDULE “A”
ANTI-DILUTION TEST CALCULATION
See attached
City of Kissimmee Budget Revenue Report
To Date: 09/05/2024 From Account:
To Account:
Run Date: 09/05/2024 User: tritchie
Accounts YTD Rev
0001-00-0000-311-3110010 : CURRENT 24,724,641.31
0001-00-0000-311-3110020 : DELINQUENT 554,023.58
25,278,664.89
1103-00-0000-312-3124200 : GAS TAX 2,828,459.81
1104-00-0000-312-3126000 : DISCRETIONARY SALES SURTAXES 9,555,781.35
0001-00-0000-316-3160000 : LOCAL BUSINESS TAX 169,093.76
0001-00-0000-323-3234000 : NATURAL GAS 220,048.23
0001-00-0000-329-3290010 : SUBDIVISION REGS FEES 4,950.00
0031-00-0000-331-3311000 : GENERAL GOVERNMENT 0.00
0001-00-0000-335-3351200 : STATE REVENUE SHARING 3,963,988.11
0001-00-0000-335-3351400 : MOBILE HOME LICENSE TAX 34,409.11
0001-00-0000-335-3351500 : ALCOHOLIC BEVERAGE LICENSE TAX 104,500.06
0001-00-0000-335-3351910 : Ambulance PEMT Program 103,733.88
0001-00-0000-335-3351800 : HALF-CENT SALES TAX PROGRAM 5,673,494.80
0001-00-0000-335-3352100 : FIREFIGHTER SUPPLEMENTAL COMPENSATION 28,806.83
0001-00-0000-335-3354900 : FUEL TAX REFUNDS AND CREDITS -2,481.99
1007-00-0000-337-3371000 : GENERAL GOVERNMENT 0.00
0001-00-0000-337-3371010 : SCHOOL BOARD 906,434.94
0001-00-0000-337-3371030 : OSCEOLA COUNTY 135,937.66
0001-00-0000-338-3380010 : MUNICIPAL SHARE OCCUPATIONAL LICENSE 0.00
0001-00-0000-338-3380020 : COUNTY 8% UTILITY TAX 1,734,566.20
0001-00-0000-338-3380030 : KISSIMMEE UTILITY AUTHORITY 17,855,196.16
0001-00-0000-338-3380040 : TOHO WATER AUTHORITY 8,271,454.35
0001-00-0000-341-3413000 : RECORDING 5,971.00
0001-00-0000-341-3413010 : DEVELOPMENT REVIEW FEES 367,377.51
0001-00-0000-341-3413020 : LIEN SEARCH 73,875.36
0001-00-0000-341-3413030 : LIEN SATISFACTION FEES 110.00
0001-00-0000-341-3413040 : ADMINISTRATIVE SERVICES FEES - REQUEST FOR PUBLIC 1,640.84
0001-00-0000-341-3413070 : FIRE PLAN CHECKING FEES 0.00
0001-00-0000-341-3413080 : IMPACT FEE ALLOWANCE 18,851.39
0001-00-0000-341-3413110 : CHARGES TO OTHER FUNDS 0.00
0001-00-0000-341-3413160 : GENERAL GOVERNMENT SERVICES 75,000.00
0001-00-0000-342-3421000 : LAW ENFORCEMENT SERVICES-OFFICERS 1,111,830.02
0001-00-0000-342-3421100 : LAW ENFORCEMENT SERVICES-ADMIN 22,877.74
0001-00-0000-342-3421200 : REDFLEX 1,829,959.65
0001-00-0000-342-3422100 : OSCEOLA COUNTY 104,982.65
0001-00-0000-342-3426000 : AMBULANCE FEES 5,051,665.33
0001-00-0000-342-3429000 : OTHER PUBLIC SAFETY CHARGES & FEES-PENN CREDIT 20,876.35
0001-00-0000-343-3438000 : CEMETERY 91,850.00
0001-00-0000-343-3439100 : LOT MOWINGS 402,585.38
0001-00-0000-344-3449000 : OTHER TRANSPORTATION CHARGES 4,775.00
0001-00-0000-344-3449020 : ENGINEERING 0.00
0001-00-0000-344-3449030 : STREETS 90,434.54
0001-00-0000-344-3449040 : TRAFFIC 78,281.33
0001-00-0000-347-3472050 : ADULT PROGRAMS 60,113.50
0001-00-0000-347-3472090 : AQUATIC DAILY ADMISSION 85,227.00
0001-00-0000-347-3472120 : AQUATIC POOL RENTAL 35,456.41
0001-00-0000-347-3472140 : AQUATIC PROGRAMS 51,579.30
0001-00-0000-347-3472150 : ATHLETIC RENTALS 102,730.44
0001-00-0000-347-3472170 : CEMETERY OVERTIME FEES 2,400.00
0001-00-0000-347-3472270 : COMMUNITY CENTER RENTAL 29,024.20
0001-00-0000-347-3472280 : PARKS MISC RENTALS 100.00
0001-00-0000-347-3472330 : YOUTH PROGRAMS 389,241.38
0001-00-0000-347-3474000 : SPECIAL EVENTS SERVICE CHARGES 16,243.56
0001-00-0000-347-3475010 : FACILITY RENTALS 280,285.73
0001-00-0000-347-3475050 : CONCESSIONS 67,425.26
0001-00-0000-347-3475060 : ADMISSIONS 0.00
0001-00-0000-347-3475950 : STAFF SERVICE FEES 37,030.00
0001-00-0000-347-3449060 : ELECTRIC CHARGE POINT STATIONS 27.80
0001-00-0000-351-3511000 : COUNTY COURT CRIMINAL-COURT FINES 41,911.11
0001-00-0000-354-3540000 : ALARM VIOLATIONS 40,025.00
0001-00-0000-354-3540010 : CODE ENFORCEMENT 613,525.00
0001-00-0000-354-3540020 : PARKING TICKETS 82,190.00
0001-00-0000-361-3611000 : INVESTMENT INTEREST 1,752,892.64
1104-00-0000-361-3611000 : INVESTMENT INTEREST 737,706.42
1103-00-0000-361-3611000 : INVESTMENT INTEREST 238,283.12
0001-00-0000-361-3611010 : PROPERTY TAX INTEREST 69,868.42
0001-00-0000-361-3611020 : PROPERTY LIENS 0.00
0001-00-0000-362-3620010 : RENTS 100,361.15
0001-00-0000-364-3640000 : EQUIPMENT/VEHICLES 104,663.93
0001-00-0000-364-3640010 : CEMETERY LOTS 402,005.50
0001-00-0000-364-3640020 : CREMATION GARDEN 3,300.00
0001-00-0000-364-3640050 : GOVERNMENTAL FUNDS-LAND 0.00
1104-00-0000-365-3650010 : SURPLUS MATERIALS AND SCRAP 2,161.80
0001-00-0000-366-3660010 : CULTURE RECREATION 38,100.00
0001-00-0000-366-3660020 : PUBLIC SAFETY-POLICE 686.99
0001-00-0000-366-3660030 : PUBLIC SAFETY-FIRE 340.00
0001-00-0000-369-3699000 : OTHER MISC REVENUE 227,941.27
0001-00-0000-369-3699010 : POLICE-TAKE HOME VEHICLES 25,460.00
0001-00-0000-369-3699020 : ACCESS OSCEOLA 79,100.00
0001-00-0000-369-3699030 : MAJOR CASE REIMBURSEMENT 25,024.11
0001-00-0000-369-3699110 : CASH OVER/SHORT -6.00
0001-00-0000-369-3699170 : CYBER CRIMES INVESTIGATIVE 9,257.43
0001-00-0000-369-3699190 : JOINT TERRORIST TASK FORCE 11,839.38
0001-00-0000-369-3699200 : DEA TASK FORCE 8,564.73
0001-00-0000-380-3800010 : FROM FUND BALANCE 0.00
0001-00-0000-381-3810000 : INTERFUND TRANSFERS 0.00
0001-00-0000-381-3810050 : CHARTER SCHOOL 1,913,767.00
0001-00-0000-381-3810070 : UTILITY TAX FUND 7,919,047.14
0001-00-0000-381-3810080 : AIRPORT 2,000.00
0001-00-0000-381-3810090 : STORMWATER UTILITY 269,066.30
0001-00-0000-381-3810550 : SOLID WASTE 293,816.71
0001-00-0000-381-3810630 : SCHOOL CROSSING GUARD 0.00
City of Kissimmee Total Non Ad Valorem Revenues 77,111,101.08
General Government Expenditures 26,988,843
Public Safety Expenditures 50,663,264
Total General Government and Public Safety Expenditures 77,652,107
General Government and Public Safety Expenditures paid by Ad Valorem Revenues 16,608,499
Adjusted General Government and Public Safety Expenditures 61,043,608
Legally Available Non Ad Valorem Revenues 16,067,493
MADS (FY2025) 10,216,126
Anti-Dilution Test 157%
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