ORD 40093 - Amend home rule charter concerning general obligation and revenue bonds ORDINANCE NO. " ( C61
AN ORDINANCE proposing amendments to Section 5.30 of the Home Rule Charter of the City
of Omaha, 1956, as amended, to amend provisions concerning General Obligation and
Revenue Bonds to provide the City Council with the discretion to determine the price for
which the bonds should be sold or exchanged; to provide for the submission of the
proposed amendment to the qualified electors of the City of Omaha for their approval or
rejection at the General Election to be held on November 4, 2014; to repeal Section 5.30
of the Home Rule Charter of the City of Omaha as heretofore existing; and to provide the
effective date hereof.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
Section 1. That there be, and hereby is, submitted to the qualified electors of the City of
Omaha at the General Election to be held on November 4, 2014, for their approval or rejection, a
proposal to amend Sections 5.30 of the Home Rule Charter, 1956, as amended, to provide that
such sections shall be amended to read as follows:
"Section 5.30. Bonds; General Provisions.
General provisions concerning the form, issuance, interest rates, and other matters relating to
bonds shall be as follows:
(1) Bonds of the city shall be prepared under the direction of the Council, shall be signed by
the Mayor, and countersigned by the City Clerk. Bonds shall be sold and disposed of by and
under the direction of the Council and shall be delivered by the Finance Director, who shall
promptly deliver the proceeds therefrom to the City Treasurer in all cases except where an
exchange of bonds is directed. The purpose or purposes of each bond issue shall be stated on the
bond, and the proceeds received from the sale thereof shall be used for no other purpose or
purposes.
(2) General obligation and Revenue bonds of the city shall net be sold or exchanged for such
prices as the Council shall provide. less than 98 per cent of par. Revenue bonds shall be sold at
a
ORDINANCE NO. ( a ,.�
Page 2
par or at discounts not exceedi„g 2 per en. Interest on all bonds shall be payable as the Council
may provide.
(3) Bonds shall be payable at the office or place provided by general law or at such other
place or places of payment as may be provided by the ordinance authorizing the issuance of the
bonds.
(4) The Council may provide for the registration of bonds by the Finance Director.
(5) Bonds may be executed with the facsimile signature of the Mayor, and City Clerk, except
that each bond shall be authenticated as to its validity in the manner designated by Council. The
use of a printed facsimile of the city seal on bonds is also authorized.
(6) Bonds of the city shall contain such provisions for call in advance of maturity as the
Council may provide or as may be required by the general laws of the State. Call premiums, if
any, shall not be in excess of 4 per cent.
(7) Interim bonds or notes may be issued pending the issuance of permanent bonds and shall
have the same qualities of negotiability as outstanding permanent bonds of the city. Owners
thereof shall have the same rights as owners of permanent bonds."
Section 2. The ballot for said proposed amendment shall be submitted to the qualified
electors of the City of Omaha in substantially the following form:
"OFFICIAL BALLOT
GENERAL ELECTION
HELD NOVEMBER 4, 2014
CHARTER AMENDMENT
SHALL SECTION 5.30 OF THE HOME RULE CHARTER OF THE CITY OF OMAHA
CONCERNING GENERAL OBLIGATION AND REVENUE BONDS BE AMENDED TO
PROVIDE THE CITY COUNCIL WITH THE DISCRETION TO DETERMINE THE PRICE
FOR WHICH THE BONDS SHOULD BE SOLD OR EXCHANGED, ALL AS PROVIDED IN
THE NOTICE OF ELECTION?
l -2
ORDINANCE NO.
Page 3
YES
NO"
Section 3. Under said question and proposition on the ballot shall be printed the word
"Yes" and the word "No". All ballots of qualified electors cast at the aforesaid election with an
"X" or other clear or intelligible mark placed before the word "Yes" shall be understood to be,
and shall be counted, in favor of the proposition set forth in said question, and all ballots of
qualified electors cast at the aforesaid election with an "X" or other clear or intelligible mark
placed before the word "No" shall be understood to be, and shall be counted, against the
proposition set forth in said question.
Section 4. That said ballots shall be white in color and printed in black ink or other color
designated in conformance with Section 32-806 of the Revised Statutes of Nebraska, 1943, as
amended.
Section 5. The officer having charge of General and Special Elections of the City of
Omaha shall conduct the election in all respects the same as other City elections and in the
manner provided by law.
Section 6. The City Clerk is hereby directed to transmit a certified copy of this
Ordinance to the Election Commissioner of Douglas County, Nebraska, and to give public notice
to the electors, as provided by law.
Section 7. If said proposition is approved by the electors, then Section 5.30 of the Home
Rule Charter of the City of Omaha, as heretofore existing, shall be repealed.
Section 8. This Ordinance is declared to be administrative and not legislative in character
and, therefore, under the provisions of Section 2.12 of the Home Rule Charter of the City of
ORDINANCE NO. 1(.09
Page 4
Omaha, 1956, as amended, and Rule 7 of the Rules adopted by the City Council of the City of
Omaha, it shall become effective from and after its adoption.
INTRODUCED BY COUNCILMEMBER
Aheb,„„„ APPROVED BY:
PASSED AUG 1 9 2014 To MAYOR OF THE CITY OF OMAHA DAT
ATTEST:
CIT LERK OFT E CITY OF OMAHA T
APPROVED AS TO FORM:
7,2N )'/
DEPUTY
E U C D P ITY ATTORNEY DA�E
p:Alaw-city council documents\2014\10065ver3dae.doc
77o'
ORDINANCE NO. 1AGV'5 -
AN ORDINANCE proposing amendments
to Section 5.30 of the Home Rule
Charter of the City of Omaha, 1956,
as amended, to amend provisions
concerning General Obligation and
Revenue Bonds to provide the City
Council with the discretion to
determine the price for which the
bonds should be sold or exchanged;
to provide for the submission of the
proposed amendment to the qualified
electors of the City of Omaha for
their approval or rejection at the
General Election to be held on
November 4, 2014; to repeal Section
5.30 of the Home Rule Charter of the
City of Omaha as heretofore
existing; and to provide the effective PRESENTED TO COUNCIL
date hereof.
Est Readin JUL 2.9 2014 ,�. �,.r .� G
L,f l
ci,7 f
p:\law-city council documents\20I4\10065ver3dae-backing.doc
PUBLICATIONS a 5ng AUG 1 2 2014
PUBLICATION OF HEARING
I t - Final Reading AUG 19 2014
Date ll Passed
7-0
PUBLICATION OF ORDINAN E
Date
BUSTER BROWN
City Clerk
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