Power to Incur Indebtedness.
Omaha City Charter, art. V, § 5.26
in effectSection 5.26. - Power to Incur Indebtedness.
For purposes of this charter, the term "notes" shall mean written evidences of indebtedness maturing not later than one year after the date of their issuance, and the term "bonds" shall mean written evidences of indebtedness maturing more than one year after the date of their issuance. The Council shall have the power to issue general obligations notes to temporarily provide cash from which to pay operating expenses authorized in the budget or from which to pay for expenditures ultimately to be financed from proceeds of bonds previously authorized and to be issued under this charter. General obligation bonds may be issued only for the purposes of acquiring real property, constructing capital improvements, purchasing equipment with a probable useful life of fifteen or more years, or refunding outstanding bonded indebtedness. Refunding bonds may be issued only if (1) the total net interest cost to maturity of the refunding bonds plus the aggregate principal amount of the refunding bonds is less than the total remaining net interest cost to maturity of the bonds to be refunded plus the outstanding aggregate principal amount of the bonds to be refunded, or (2) the issuance of the refunding bonds is for the purpose of minimizing the cost to the city of a prospective or actual change in the federally tax-exempt status of the interest on all or a portion of the bonds to be refunded. Subject to this limitation, the principal amount of the refunding bonds may be more than, less than, or the same as the principal amount of the bonds to be refunded.
(Ord. No. 33176, § 1, 2-8-94, ref. of 5-10-94; Ord. No. 36625, § 1, special election of 4-5-05)
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_S5.26POININFetched: 10/28/2026