The Wording
Special City Of Omaha Election
$155,000,000 Public Facilities Bonds
Shall the City of Omaha be authorized to issue and sell general obligation bonds in the amount of one hundred fifty-five million and no/100 dollars ($155,000,000) for the purpose of providing funds for payment of the cost of acquiring, constructing, improving, equipping and rehabilitating police buildings and facilities, fire stations, branch libraries, park maintenance facilities, auditorium support facilities, arena and convention center facilities, public works storage facilities and city wide building renovations and replacements and other public facilities of the City of Omaha, the approximate cost to the taxpayers of the City of Omaha if this proposal is approved to be one hundred fifty-five million and no/100 dollars ($155,000,000) 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 $155 million principal and added interest.
As the issue states, this money is designed for Public Facilities. That can mean fire, police, library, or maybe replacing a roof somewhere. Page 133 of the plan shows the “dreams” of the future. Specifically, for this bond, the main priority is replacing the police building that the city has seen as falling apart for 15 years. The plan is to build a new police and fire building in the former location of Crossroads. The 3-acre project is estimated to cost $181 million and be complete by 2030. It is to be an office-complex, not a place for sirens. Local area fire and police stations will continue that service.
Those who support the bond agree that the old building is in big need of replacement. They also like the idea of both departments being able to have headquarters together.
Those who oppose the bond think it’s not a good idea to place a building in an area that could be used for tax revenue.
A YES vote allows the city to buy the $155 million bonds, and therefore place the city responsible to pay back the principal and interest – usually in 20 years.
A NO vote would cancel building a new first responders headquarters. Some were hoping saying no would mean a decrease in the property tax levy. A similar idea did not pass in the City Council.
