RES 2008-1565 - Keno at The Brass Monkey Sports Bar F
Finance Department
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(402)444-541 G
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CITY
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Ma H i)1" M'' p�i� �( Carol A.Ebdon
City of Omaha Director
Mike Fahey,Mayor
Allen R.Herink
Honorable President
City Comptroller
and Members of the City Council,
The attached Resolution expresses the Omaha City Council's approval of a satellite keno location
to be operated by EHPV Lottery Services, LLC, at 5611 South 36th Street. This location is a
business currently operated by Kevin Tworek, incorporated as Little Paul Inc., doing business
under the name "The Brass Monkey Sports Bar."
At this location the keno business will be conducted as an ancillary activity to the existing bar and
lounge business. Keno bets will be received and paid at the location but the actual number
selection will continue to be performed at the keno games operated at Peony Park. Additional
information about the location and EHPV's plans are included within the application submitted to
the City.
A liquor license is presently issued to this location.
Respectfully submitted, Referred to City Council for Consideration:
ss
Carol A. Ebdon Date Mayor's Office Date
Finance Director
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CITY OF OMAHA:
1. The City Council does hereby approve the issuance by the Corporation of the
Bonds, having the final terms as set out in the Bond Purchase Agreement and the Official
Statement, in the aggregate principal amount of$7,255,000 and bearing interest at the rates per
annum and maturing in the principal amounts on December 1 of the years as follows:
By
Councilmember
Adopted
City Clerk
Approved
Mayor
igation of the City and is not
subject to annual renewal.
(9) The obligations of the parties and the enforceability of the provisions contained
in the Agreement, the Indenture and the Lease relating to the parties may be subject to general
principles of equity which permit the exercise of judicial discretion and are subject to bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or affecting creditors' rights
generally.
It is also our opinion that, assuming compliance by the Corporation with the covenant referred to
in the fourth paragraph of this letter,the interest on the Bonds is excluded from gross income for federal
income tax purposes and is not a special preference item for purposes of the federal alternative minimum
tax imposed on individuals and corporations. Interest on the Bonds, however, must be included in the
"adjusted current earnings" of certain corporations (i.e., alternative minimum taxable income as adjusted
for certain items, including those items that would be included in the calculation of a corporation's
earnings and profits under Subchapter C of the Code)and such corporations are required to include in the
calculation of alternative minimum taxable income 75%of the excess of each such corporation's adjusted
current earnings (which includes tax-exempt interest) over its alternative minimum taxable income.
(determined without regard to this adjustment and prior to reduction for certain net operating losses).
4824-6076-7747.5
Omaha Lease Purchase 08 D-3
Trustee of the proposed amendment
and an opinion of nationally recognized bond counsel to the effect that such amendment, and giving effect
thereto, will not adversely affect the compliance of this Letter Agreement and by the City with the Rule
4824-6076-7747.5
Omaha Lease Purchase 08 C-4
rred in
by the Indenture,is not materially adverse to the Bondholders.
4824-6076-7747.5
Omaha Lease Purchase 08 12
that event,Bond certificates will be printed and delivered.
4824-6076-7747.5
Omaha Lease Purchase 08 7
use of the book-entry system for the Bonds is discontinued.
4824-6076-7747.5
Omaha Lease Purchase 08 6
,Kutak Rock LLP. It
is expected that delivery of the Bonds will be made on or about December 11,2008 at DTC against payment therefor.
DAVIDSON •
COMPANIES
D.A.Davidson & Co.
member SIPC
Dated: November 25,2008
4824-6076-7747.5
Omaha Lease Purchase 08
C-25A
CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebraska
RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
•
T,.
WHEREAS,the City of Omaha has entered into a Lottery Operator's Agreement with
EHPV Lottery Services,LLC,("EHPV")to operate a Big Red satellite keno-type lotterywithin the City
of Omaha and areas of Douglas County("the Lottery Operator's Agreement"); and,
WHEREAS, the Lottery Operator's Agreement allows EHPV to receive the City
Council's approval of satellite and other keno locations to be operated in accordance with the Lottery
Operator's Agreement and Keno Application Procedures and Criteria adopted by this Council; and,
WHEREAS,on October 14,2008,EHPV applied for permission to operate a satellite
keno location at 5611 South 36th Street,a business operated by Kevin Tworek, incorporated as Little
Paul Inc., and doing business under the name "The Brass Monkey Sports Bar".
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF OMAHA:
THAT, EHPV Lottery Services, LLC, is granted approval to operate a satellite keno
location at the business operated by Kevin Tworek,incorporated as Little Paul.Inc.,and doing business
under the name"The Brass Monkey Sports Bar"at 5611 South 36th Street, in Omaha,Nebraska.
BE IT FURTHER RESOLVED:
THAT,approval is subject to continued compliance with the law,the Lottery Operator's
Agreement,as amended,the keno location criteria,and the terms,conditions and representations in the
application for approval of this location.
APPR• lED +ORM:
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Ld,&.A1/'
DEPUTY CITY AT RNEY DATE'
By
uncilmember
Adopted QV..2..5...2008 -0
4
City Clerk
/A
Approvedt
Mayor
urchase Agreement and the Official
Statement, in the aggregate principal amount of$7,255,000 and bearing interest at the rates per
annum and maturing in the principal amounts on December 1 of the years as follows:
By
Councilmember
Adopted
City Clerk
Approved
Mayor
igation of the City and is not
subject to annual renewal.
(9) The obligations of the parties and the enforceability of the provisions contained
in the Agreement, the Indenture and the Lease relating to the parties may be subject to general
principles of equity which permit the exercise of judicial discretion and are subject to bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or affecting creditors' rights
generally.
It is also our opinion that, assuming compliance by the Corporation with the covenant referred to
in the fourth paragraph of this letter,the interest on the Bonds is excluded from gross income for federal
income tax purposes and is not a special preference item for purposes of the federal alternative minimum
tax imposed on individuals and corporations. Interest on the Bonds, however, must be included in the
"adjusted current earnings" of certain corporations (i.e., alternative minimum taxable income as adjusted
for certain items, including those items that would be included in the calculation of a corporation's
earnings and profits under Subchapter C of the Code)and such corporations are required to include in the
calculation of alternative minimum taxable income 75%of the excess of each such corporation's adjusted
current earnings (which includes tax-exempt interest) over its alternative minimum taxable income.
(determined without regard to this adjustment and prior to reduction for certain net operating losses).
4824-6076-7747.5
Omaha Lease Purchase 08 D-3
Trustee of the proposed amendment
and an opinion of nationally recognized bond counsel to the effect that such amendment, and giving effect
thereto, will not adversely affect the compliance of this Letter Agreement and by the City with the Rule
4824-6076-7747.5
Omaha Lease Purchase 08 C-4
rred in
by the Indenture,is not materially adverse to the Bondholders.
4824-6076-7747.5
Omaha Lease Purchase 08 12
that event,Bond certificates will be printed and delivered.
4824-6076-7747.5
Omaha Lease Purchase 08 7
use of the book-entry system for the Bonds is discontinued.
4824-6076-7747.5
Omaha Lease Purchase 08 6
,Kutak Rock LLP. It
is expected that delivery of the Bonds will be made on or about December 11,2008 at DTC against payment therefor.
DAVIDSON •
COMPANIES
D.A.Davidson & Co.
member SIPC
Dated: November 25,2008
4824-6076-7747.5
Omaha Lease Purchase 08
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4824-6076-7747.5
Omaha Lease Purchase 08