The Wording
Special City Of Omaha Election
$72,000,000 Street Preservation Bonds
Shall the City of Omaha be authorized to issue and sell general obligation bonds in the amount of seventy-two million and no/100 dollars ($72,000,000) for the purpose of providing funds for payment of the cost of streets, highways, including neighborhood, collector, and arterial streets in all seven (7) city council districts and bridges, the approximate cost to the taxpayers of the City of Omaha if this proposal is approved to be seventy-two million and no/100 dollars ($72,000,000) plus interest payable on said bonds to be paid from the fund for principal and interest payments on the indebtedness of the City of Omaha as proposed in the notice of election which also provides that the approval of this bond issue will not incur any increases in the debt services tax levy rate of the City of Omaha over the levy increase approved in 2020?
( ) Yes
( ) No
Our Explanation
Street Preservation Bonds
The
City of Omaha is requesting voters to authorize them to borrow $72 million, through selling bonds,
to continue the accelerated street repair and maintenance program authorized by voters in 2020. These bonds pay for a variety of construction and reconstruction projects. Current and previous projects funded with Street Preservation Bonds are listed at this link: https://keepomahamoving.com/projects/street-preservation-fund-projects
One consideration is the cost to taxpayers. As with all the bond issues on this ballot, the only increase in tax results from increased property value, not from a levy increase. Omaha property owners are paying more money in property tax, even though they will not pay a higher percentage. Though this initiative itself does not change the amount homeowners are paying, voters may consider whether they are satisfied with this use of the higher amount already being paid through property taxes.
A second consideration is whether the City should go into debt for this project. Buying bonds allows the city to stabilize the budget by
paying over time, usually 20 years, just as a mortgage would. On the other hand, this method of funding costs more due to interest.
- A vote FOR this initiative allows the City to fund these projects through bond debt in the amount of $72 million.
- A vote AGAINST this initiative requires the City to fund these projects through other means.
