$22, 000, 000 Capital Improvement Revenue Bonds, Series 2025 (Taxable)
Closed State & local contract opportunity
- Solicitation number
- RFQ2025-002
- State
- Florida
- Responses due
Opportunity facts
- Jurisdictions
- NIGP codes
- UNSPSC codes
- 84101602 Bi lateral or multi lateral aid
- 84121602 Letter of credit services
- 84121605 Currency conversion service
- 93151701 Currencies or coinage
- 93151608 Government or central bank services
- 64151500 Representative money or currency
- 84101603 Non governmental aid
- 84121601 Funds clearance services
- 84121603 Currency exchange services
- 84121604 Spot exchange transaction services
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- 93151702 National bank notes
- 84121500 Banking institutions
- 93151700 Currency
- 64151501 National banknotes
- 64151503 Coins or coinage
- 84101601 Co financing
- 84121606 Remittance processing services
- 84121607 Operating lease finance service
- 93141901 Agricultural commercial banking services
- 64150000 Monetary instruments or currency
- 84120000 Banking and investment
- 84111700 Corporate finance
- 84121600 Funds transfer and clearance and exchange services
- 84122000 Cash vault services
- 64151502 Commercial banknotes
- 64151504 Local currency
- 64151505 Digital currency
- 84101604 Government aid
- 84121501 Privately owned banks
- 84121502 Publicly owned banks
- 84121503 Credit unions
- 84121504 Development finance institutions
- 84122001 Deposit verification services
- Point of contact
-
- Debbie Luke debbie.luke@kissimmee.gov (407) 518-2214
Updated .
About this opportunity
The City of Kissimmee is seeking quotes for a $22,000,000 Capital Improvement Revenue Bonds Series 2025 (Taxable) through Request for Quotes (RFQ2025-002), which is a direct loan to fund capital improvements at the city-owned Gateway Airport. The procurement involves a fixed-rate loan with a final maturity date of October 1, 2040, with semi-annual interest payments and principal payments beginning October 1, 2026. Quotes are due by 2:00 p.m. EDST on April 28, 2025, with an anticipated award date of May 6, 2025, and an expected funding date on or before August 4, 2025 (with potential delayed delivery considered up to September 29, 2025). The city seeks the most favorable quote based on borrowing cost and terms, with selection made at its sole discretion. Proposers are required to specify fees, credit approval status, and acknowledge the city's ability to prepay without penalty, with the loan structured as a limited, special obligation secured solely by pledged non-ad valorem revenues.
The procurement does not specify explicit set-aside designations or restrictions on responding organizations. The loan proceeds will cover capital improvements, capitalized interest for the first year, and costs of issuance, with the city reserving the right to draw down the full amount at closing or utilize a 13-month drawdown period from October 1, 2025. The city may consider using its existing underwriter Hilltop Securities, Inc., and will compare received quotes with alternative placement strategies. Financial documentation indicates the city has strong financial capacity, with non-ad valorem revenues of $77,111,101.08 and an anti-dilution coverage ratio of 157%. The city has ongoing utility agreements with Toho Water Authority (initial term through September 30, 2029) and Kissimmee Utility Authority (embedded in the City's Charter), and has three open FEMA projects from recent hurricanes totaling $1.27 million in expected reimbursements. The total project value is $22,000,000, with no specific budget range beyond this amount.
Opportunity text
In our capacity as Financial Advisor to the City, we have been asked to solicit your interest in submitting a quote for a Taxable Direct Loan in an amount up to $22.0 million ("Loan" or "Series 2025 Bond") as outlined herein. The City is interested in receiving the lowest borrowing cost together with the most favorable terms on the Loan in the sole discretion of the City. The Loan proceeds will be used to make capital improvements at the City owned Gateway Airport and provide capitalized interest for the first year and costs of issuance on the Loan. The Loan will be payable from and secured solely by Pledged Funds as more fully described herein (see "Security" herein. Upon your review of the enclosed, if you have questions or requests for additional information, contact Tavia Ritchie, City Finance Director,: (407) 518 - 2220, e-mail tavia.ritchie@kissimmee.gov or the Authority's Financial Advisor, Richard T. (Toby) Wagner, President, Southeastern Investment Securities, LLC, (407) 647-1000 e-mail: rtwagner@myflfa.net.
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