Inside Poinciana Florida

Archive for March 2010

At the request of Sheriff Hansell, Osceola County Corrections officials submitted information regarding security measures they plan to take at the Osceola County Jail. After reviewing this information, which included resources to be utilized by the jail to address the safety issue, the Osceola County Sheriff’s Office will be assigning deputies to increase security at the Jail from 7:00 p.m. to 7 a.m. beginning tonight. The extra security will continue until the Sheriff determines corrections officials can adequately provide security to ensure the safety of the community. The Sheriff’s Office is not disclosing specific information about the additional deputies (number of deputies, tactical locations, etc.) but will confirm additional security has been added to address citizens’ public safety concerns.

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Kissimmee, Florida, March 16, 2010 – Fitch Ratings, takes the following rating action on Tohopekaliga (TOHO) Water Authority, FL (the Authority) as part of its continuous surveillance effort:

–Approximately $185.5 million water and sewer revenue bonds, affirmed at ‘AA-‘.

The Rating Outlook is Stable.

RATING RATIONALE:

–The rating reflects strong financial operations providing solid debt service coverage and liquidity levels.

–The system has ample water supply and treatment capacity with a large and diverse customer base.

–The system has a sizable capital improvement program over the next five years pending customer growth.

KEY RATING DRIVER:

–The Authority’s maintenance of its financial profile while implementing a significant capital improvement program will be key to maintaining the current rating and Stable Outlook.

SECURITY:

The bonds are secured by net revenues of the utility system.

CREDIT SUMMARY:

The Authority’s financial performance has remained solid over recent years. For fiscal 2009, net revenues, exclusive of connection fees, covered annual debt service 2.2 times (x). Projected coverage through fiscal 2014 is anticipated to range between 1.9x and 2.5x. While revenue from connection fees has declined considerably since the downturn in the residential housing market began, debt service coverage solely from rate revenues has remained at a healthy margin. Liquidity remains strong with over 400 days cash on hand.

The Authority was formed in 2003, providing water and wastewater service to over 250,000 accounts. The service area includes the City of Kissimmee, which consists of about 60% of the system, unincorporated areas of Osceola County and a portion of Polk County. The Authority’s water and sewer customer base grew by approximately 27,000 accounts following the Poinciana Utility System Acquisition in 2007. Customer growth after the acquisition has slowed to about 1% annually. Customer growth is projected at 1% annually through 2012 and then increasing to 3% by FY2013.

System rates for within city limits still remain low. For customers outside of the city, rates are above most of the neighboring utilities. Going forward system rates will eventually be equalized as per the Board’s obligation to mandate equal city and non-city rates by 2018.

The Authority’s Capital Improvement Program, estimated at $337 million, is sizable with approximately half of proposed spending being used to provide future water capacity. Associated projects will likely be delayed based on current growth projections but current preparation will secure future water capacity. The Authority expects to fund the water capacity project with bond proceeds, with the remaining program funds coming from operational revenues, impact fees and reserve and replacement funds.

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Established in October 2003 by a special act of the Florida legislature, Toho Water Authority is the largest provider of water, wastewater, and reclaimed water services in Osceola County. The Authority currently serves 80,000 water, 74,000 wastewater, and 10,000 reclaimed water customers in Kissimmee, Poinciana, and unincorporated areas of Osceola County.

Osceola County – Meet Sheriff Bob Hansell at the Osceola County Sheriff’s Office Annual Community Appreciation Day and Open House on Saturday, March 20, 2010, from 10:00 a.m. to 2:00 p.m. The event will be held at the Osceola County Sheriff’s Administration Complex, 2601 E. Irlo Bronson Memorial Highway in Kissimmee.

Annually, thousands of residents attend the event to meet deputies and learn more about departments at the Sheriff’s Office. Last year, more than 40 local businesses and non-profit organizations participated in the day’s activities with booths, which also included crime prevention and safety displays and demonstrations from various Sheriff’s Office Specialty Units including K-9, Mounted Patrol and S.W.A.T. Activities such as moon walks and face painting will be available for children. Tours of the Osceola County Emergency Operations Center and Osceola County Sheriff’s Office Communications Center will also be given. The event is free and open to the public. For information, call (407) 348-1105.


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