The Wording
Special City Of Omaha Election
$30,000,000 Park & Recreation Bonds
Shall the City of Omaha be authorized to issue and sell general obligation bonds in the amount of thirty million and no/100 dollars ($30,000,000) for the purpose of providing funds for payment of the cost of various park and recreation improvement projects of the City of Omaha, the approximate cost to the taxpayers of the City of Omaha if this proposal is approved to be thirty million and no/100 dollars ($30,000,000) 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
Municipal Bonds are the regular way the City of Omaha accomplishes their work on
“capital” projects. By definition, “Capital improvements refer to the construction of new facilities or major rehabilitation of existing facilities, including not only the physical improvement itself but also the initial equipment or furniture needed as a result of the physical improvement.”
Regular revenue from sales tax, property tax, and other revenue is what provides for the city budget. Included in the budget is “debt paying”. When one bond is finished, usually another one is requested from the voters. Since that money is already set aside for paying off bonds, that means there will be no increase in taxes to pay the $30 million principal and added interest.
As the issue states, this money is designed for Parks and Recreation. Page 95 of the plan shows the “dreams” of the future. Specifically, for this bond, the main priority is the major upgrade of Tranquility Park at located at 12222 W Maple Rd. (Part of money may be used for other parks and recreation projects as needed.)
A short summary of the plan includes:
Anticipated Park Improvements:
- Multi-purpose synthetic turf fields
- New concessions, restrooms and guests amenities
- Improved vehicular access across the park
- Expanded parking and pedestrian access
- Enhanced safety and technology improvements
- Preservation of natural areas
Plans for the project design began over 2 years ago. The projected completion is estimated for 2027.
Those who support the bond like there is no increase in taxes\. Some see the Tranquility Park project as a way to bring in more business for the city when more sports events can be handled in the city.
Those who oppose the bond would like to not keep having the city be in debt.
A YES vote allows the city to buy the bonds, and therefore place the city responsible to pay back the Principal and interest – usually in 20 years. It allows for the upgrade of Tranquility Park and other needs.
A NO vote would cancel doing the Tranquility Park project. Some were hoping saying no would mean a decrease in the property tax levy. A similar idea did not pass in the City Council.
