Submittals_RFQ2025-002_Capital_Improvement_Revenue_Bond_Series_2025.pdf

The document is a Submittals Opening Sheet for RFQ2025-002 Capital Improvement Revenue Bond Series 2025, issued by the City of Kissimmee, Florida. The solicitation is for a $22,000,000 taxable direct loan to fund capital improvements at the city-owned Gateway Airport, with quotes due on April 28, 2025, at 2:00 PM EST. Three financial institutions submitted responses with addendums: TD Bank (Tampa, FL), South State (Kissimmee, FL), and Truist (Orlando, FL). The anticipated award date is May 6, 2025, with an expected funding date on or before August 4, 2025, and potential delayed delivery considered up to September 29, 2025.

The loan will have a final maturity date of October 1, 2040, with semi-annual interest payments and principal payments beginning October 1, 2026. The city seeks the most favorable quote based on borrowing cost and terms, with the loan structured as a limited, special obligation secured solely by pledged non-ad valorem revenues. The proceeds will cover capital improvements, capitalized interest for the first year, and costs of issuance, with the city having the option to draw down the full amount at closing or utilize a 13-month drawdown period. The city's financial documentation indicates strong financial capacity, with non-ad valorem revenues of $77,111,101.08 and an anti-dilution coverage ratio of 157%. The city may consider using its existing underwriter Hilltop Securities, Inc., and will compare received quotes with alternative placement strategies.