Revenue Bonds.

Omaha City Charter, art. V, § 5.31

in effect

Section 5.31. - Revenue Bonds. Provisions concerning revenue bonds shall be as follows: (1) The city may issue revenue bonds for the purpose of acquiring, extending, or improving any revenue-producing facility for public or private use within or without the city that it may legally acquire, improve, or operate under this charter and the Constitution or laws of the State of Nebraska. (2) Revenue bonds shall be of such form, denomination, and other features as the Council shall determine. (3) Any ordinance authorizing revenue bonds may contain such covenants and provisions to protect and safeguard the security of the holders of such bonds as shall be deemed necessary to assure the prompt payment of the principal thereof and the interest thereon. Such covenants and provisions may establish or provide for, but shall not be limited to, the creation of trust funds and the appointment of trustees for the purpose of receiving and disbursing bond proceeds on the collection and disbursement of revenues from the facility for which the bonds were issued; the limitations or conditions upon the issuance of additional bonds payable from the revenues of the facility for which the original bonds were issued; the operation, maintenance, management, accounting, and auditing procedures to be followed in the operation of the facility; and the conditions under which any trustee or bondholders committee shall be entitled to the appointment of a receiver to take possession of the facility, manage it, and receive and apply revenues from the facility. (4) The provisions of this section and any ordinances authorizing the issuance of revenue bonds pursuant to this section shall constitute a contract of the city with every holder of said bonds and shall be enforceable by any bondholder by mandamus or other appropriate action at law or in equity in any court of competent jurisdiction. (5) Bonds issued pursuant to this section or notes issued pending permanent revenue bond financing shall not be a debt of the city within the meaning of any constitutional, statutory, or charter limitation upon the creation of general obligation indebtedness of the city, and the city shall not be liable for the payment thereof out of any funds of the city other than the revenues pledged to the payment thereof, and all bonds or notes issued pursuant to this section shall contain a recital to that effect. The holders of all revenue bonds or notes shall have a lien on the revenues of the project with respect to which they are issued subject to conditions provided in the ordinance authorizing the issuance of such bonds or notes. (6) Whenever the Council shall have issued any revenue bonds or notes, it shall establish, maintain, revise, and collect charges at least sufficient to provide for all costs associated with the ownership, operation, maintenance, renewal, and replacement of the facility for which the bonds were issued and the payment of the principal and interest on all indebtedness incurred with respect thereto.

Source: City of Omaha, Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/ne/omaha/codes/code_of_ordinances?nodeId=PTICH_ARTVFI_S5.31REBOFetched: 10/28/2026