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RES 2007-1530 - General obligation note 07-A oMAHA,NF s 41 Finance Department Omaha/Douglas Civic Center qt 1819 Famam Street,Suite 1004 o® I/ef'li;V Omaha,Nebraska 68183-1004 0 V, ��.: $!.;•ry (402)444-5416 '00a Telefax(402)444-5423 R4rFn FEsit Carol A.Ebdon City of Omaha Director Mike Fahey,Mayor Allen R.Herink City Comptroller December 11, 2007 Honorable President and Members of the City Council, "Section 5.25 Special Assessment Financing" of the Home Rule Charter of the City of Omaha, 1956, provides that the City Council may augment the cash balance in the Special Assessment Fund Account at any time the cash on hand is inadequate for current requirements. In order for the Fund to meet its obligations to contractors for work in place, which is to be ultimately assessed to benefited property owners, it is necessary to continue bank borrowings to supplement cash balances. Projections indicate the need to borrow $215,000. The following is a schedule of borrowings from banks during the past 10 years: 1998 4,500,000 2003 1,215,000 1999 4,200,000 2004 1,396,000 2000 3,600,000 2005 741,000 2001 1,750,000 2006 1,025,000 2002 1,260,000 2007 215,000 Notice for bid was placed in the November 14, 2007, Daily Record. In addition, Requests for Proposals were sent out to 15 financial institutions in Omaha who had expressed interest in these borrowings during previous years. All proposals were opened in the City Clerk's Office at 11:00 a.m. on December 5, 2007. Proposals submitted were: Rate of Interest US Bank 5.79% First National Bank 4.90% Currently the National Prime Rate is 7.50% and the Discount Rate is 5.00% (FRB). Last year's interest rate that the City of Omaha paid was 5.30%. regulations, and including the information required by Sections 10-192 to 10-194, inclusive, and shall permit reasonable access to his records. Records accessible to the contract compliance officer shall be those which are related to Paragraphs (1) through (7) of this subsection and only after reasonable notice is given the contractor. The purpose for this provision is to provide for investigation to ascertain compliance with the program provided for herein. - 4 - terminated by either party upon thirty days notice. - 2 - l I f-Z-t 1 6-4- PAPVV\16190pjm.doc Rivkah K. Sass Date Library Director -'.0.--._?, ''''f--1 - may..- ,9/,'` %Si •: --;;-.V...-/j�1 ..e.___ 'Fi 'Ai-'_ _lam. ' j 7 /. // " • '5 ; /i/ • • " {g r• rr/�,,�,;' �i/s -,. r (- , ( i ;1 f l 14!I 1 (f Cl\\« ( . _ a ity park fees will be paid by the District to the City when the District's current debt ratio is below 10%and the City's Parks and Finance Directors request the payment. Note(4) Neighborhood and/or Trails/Blvd fees shall be paid prior to recording the plat;if reimbursement is required from the City fund,it will be reimbursed to the S&I.D.as monies are available in the fund and in chronological order of the final plat approval. Note(5)Soft costs for acquisition include finance,legal,and necessaary survey costs. Note(6)Soft costs for improvements include Finance,Legal,Design and Project Administration. Revised 7-26-01 Note(7)This money shall reimbursed by the City to the SID,but only if monies become available in the Community Park Fund. onformance with the requirements of the Omaha Municipal 8 11. t I.3III a g g6 E 1 c tifi 14 lift ' . a _15ffa 111.141114 .a 1 14 € g .• R € gaQ g s 9 • • € ; a II I I I ® e<;a. E&A CONSULTING GROUP,INC. _ • 1 •PINAL'PIAT WHISPERING RIDGE WEST ENGINEERING•PLANNING•FIELD SERVICES _ 1 • w.wM .v mNwwn ae $S@ . m,...x1Z air C PMYRImn mSlmJ wslaAmsls+ Honorable President and Members of the City Council Page -2- As indicated below, there is adequate collateral for the loan coverage: As of November 1, 2007 Assessments and Billings Receivable $2,635,398 Payments to Contracts for Work in Place: Contracts completed awaiting assessment 272,047 Contracts in process of construction 498,072 Total Collateral Available for Borrowing Purposes 3,405,517 Borrowing Limitation 90% of Collateral 3,064,965 Of the proposals received, First National Bank of Omaha, Nebraska, is the best proposal. We recommend accepting their proposal. Respectfully submitted, Referred to City Council for Consideration: .ti)o-, /2-6 - Carol A. Ebdon, Director Date Mayor's 0 fice Date Finance Department P:\FIN\17733maf.doc OI Approved Mayor THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (the "'33 ACT") AND MAY NOT BE TRANSFERRED, ASSIGNED, SOLD OR HYPOTHECATED UNLESS A REGISTRATION STATEMENT UNDER THE '33 ACT SHALL BE IN EFFECT WITH RESPECT THERETO AND THERE SHALL HAVE BEEN COMPLIANCE WITH THE '33 ACT AND ALL APPLICABLE RULES AND REGULATIONS THEREUNDER, OR THERE SHALL HAVE BEEN DELIVERED TO THE CITY OF OMAHA PRIOR TO TRANSFER, ASSIGNMENT, SALE OR HYPOTHECATION AN OPINION OF COUNSEL, SATISFACTORY TO THE CITY OF OMAHA TO THE EFFECT THAT REGISTRATION UNDER THE '33 ACT IS NOT REQUIRED. GENERAL OBLIGATION NOTE OF THE CITY OF OMAHA No. 07-A $215,000 The City of Omaha in the County of Douglas, a city of the metropolitan class and a Municipal. Corporation duly existing under the laws of the State of Nebraska, hereby acknowledges itself indebted and for value received promises to pay to First National Bank, Omaha, Nebraska, or order, the sum of Two Hundred Fifteen Thousand Dollars ($215,000) on the 20th day of December, 2008, with interest thereon from the date at the rate of four and ninety hundredths percent (4.90%)per annum. This note is issued pursuant to the provision of a resolution entitled Resolution No. /53 , series of 2007 duly adopted by the City Council of the City of Omaha on the 11.th day of December, 2007. The City of Omaha is held and firmly bound and its full faith and credit, taxing power and revenue, and all its real and personal property including the accounts receivable in the Special Assessment Fund Account, are hereby pledged for the prompt payment of the principal sum of this note and the interest accruing thereon. It is hereby certified, recited and declared that all acts, conditions and things required by law to be done and to exist precedent to, in order to lawfully authorize the issuance of this note, have been properly and lawfully done and performed and do exist in regular and due form as required by the Constitution and laws of the State of Nebraska and the City Charter and ordinances of the City of Omaha. IN WITNESS THEREOF, THE City of Omaha has caused this note to be signed by its Mayor and its corporate seal to be hereunto fixed and attest by its City Clerk and this note to be dated as of the 21st day of December, 2007. CITY OF OMAHA, A MUNICIPAL CORPORATION SEAL Mayor of the ity of Omaha ATTEST: ty Clerk of the City of Omaha P:\FIN\7680sap.doc ice. - 2 - l I f-Z-t 1 6-4- PAPVV\16190pjm.doc Rivkah K. Sass Date Library Director -'.0.--._?, ''''f--1 - may..- ,9/,'` %Si •: --;;-.V...-/j�1 ..e.___ 'Fi 'Ai-'_ _lam. ' j 7 /. // " • '5 ; /i/ • • " {g r• rr/�,,�,;' �i/s -,. r (- , ( i ;1 f l 14!I 1 (f Cl\\« ( . _ a ity park fees will be paid by the District to the City when the District's current debt ratio is below 10%and the City's Parks and Finance Directors request the payment. Note(4) Neighborhood and/or Trails/Blvd fees shall be paid prior to recording the plat;if reimbursement is required from the City fund,it will be reimbursed to the S&I.D.as monies are available in the fund and in chronological order of the final plat approval. Note(5)Soft costs for acquisition include finance,legal,and necessaary survey costs. Note(6)Soft costs for improvements include Finance,Legal,Design and Project Administration. Revised 7-26-01 Note(7)This money shall reimbursed by the City to the SID,but only if monies become available in the Community Park Fund. onformance with the requirements of the Omaha Municipal 8 11. t I.3III a g g6 E 1 c tifi 14 lift ' . a _15ffa 111.141114 .a 1 14 € g .• R € gaQ g s 9 • • € ; a II I I I ® e<;a. E&A CONSULTING GROUP,INC. _ • 1 •PINAL'PIAT WHISPERING RIDGE WEST ENGINEERING•PLANNING•FIELD SERVICES _ 1 • w.wM .v mNwwn ae $S@ . m,...x1Z air C PMYRImn mSlmJ wslaAmsls+ C-25A • CITY OF OMAHA • LEGISLATIVE CHAMBER Omaha,Nebraska RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: WHEREAS, Section 5.25 of the Home Rule Charter of the City of Omaha, 1956, as amended, provides that the City Council may augment the cash balance in the Special Assessment Fund Account when the same is inadequate for current requirements by offering for sale either at public or private sale general obligation notes limited as to amount and term by the provisions of Sections 5.27 and 5.29, as amended, of said Charter; and, WHEREAS, the cash on hand in the Special Assessment Fund Account is inadequate for current requirements; and, WHEREAS, the current requirement of Two Hundred Fifteen Thousand_Dollars ($215,000) does not exceed the limit provided in Section 5.27(4), as amended, of said Charter, the same being quoted precisely: "Notes issued to provide cash for the Special Assessment Fund shall not exceed ninety percent of the sum of: (a) Assessments receivable, and (b) The contract amounts for work in progress which is ultimately to be assessed against property"; and, WHEREAS, the proposal to purchase 2007 General Obligation Note No. 07-A at the lowest interest cost to the City of Omaha for temporary financing evidenced by the copy of the General Obligation Note of the City of Omaha, attached hereto and made a part hereof and identified as: Number of Amount of Term of Note Obligee Note Note No. 07-A First National Bank $215,000 12/21/07 to Omaha, Nebraska 12/20/08 WHEREAS, the Finance Director of the City of Omaha has recommended said temporary financing; and, By Councilmember Adopted City Clerk Approved Mayor y law to be done and to exist precedent to, in order to lawfully authorize the issuance of this note, have been properly and lawfully done and performed and do exist in regular and due form as required by the Constitution and laws of the State of Nebraska and the City Charter and ordinances of the City of Omaha. IN WITNESS THEREOF, THE City of Omaha has caused this note to be signed by its Mayor and its corporate seal to be hereunto fixed and attest by its City Clerk and this note to be dated as of the 21st day of December, 2007. CITY OF OMAHA, A MUNICIPAL CORPORATION SEAL Mayor of the ity of Omaha ATTEST: ty Clerk of the City of Omaha P:\FIN\7680sap.doc ice. - 2 - l I f-Z-t 1 6-4- PAPVV\16190pjm.doc Rivkah K. Sass Date Library Director -'.0.--._?, ''''f--1 - may..- ,9/,'` %Si •: --;;-.V...-/j�1 ..e.___ 'Fi 'Ai-'_ _lam. ' j 7 /. // " • '5 ; /i/ • • " {g r• rr/�,,�,;' �i/s -,. r (- , ( i ;1 f l 14!I 1 (f Cl\\« ( . _ a ity park fees will be paid by the District to the City when the District's current debt ratio is below 10%and the City's Parks and Finance Directors request the payment. Note(4) Neighborhood and/or Trails/Blvd fees shall be paid prior to recording the plat;if reimbursement is required from the City fund,it will be reimbursed to the S&I.D.as monies are available in the fund and in chronological order of the final plat approval. Note(5)Soft costs for acquisition include finance,legal,and necessaary survey costs. Note(6)Soft costs for improvements include Finance,Legal,Design and Project Administration. Revised 7-26-01 Note(7)This money shall reimbursed by the City to the SID,but only if monies become available in the Community Park Fund. onformance with the requirements of the Omaha Municipal 8 11. t I.3III a g g6 E 1 c tifi 14 lift ' . a _15ffa 111.141114 .a 1 14 € g .• R € gaQ g s 9 • • € ; a II I I I ® e<;a. E&A CONSULTING GROUP,INC. _ • 1 •PINAL'PIAT WHISPERING RIDGE WEST ENGINEERING•PLANNING•FIELD SERVICES _ 1 • w.wM .v mNwwn ae $S@ . m,...x1Z air C PMYRImn mSlmJ wslaAmsls+ C-25A CITY OF OMAHA LEGISLATIVE CHAMBER PAGE 2 Omaha,Nebraska WHEREAS, in order to issue said general obligation note, all conditions and requirements have been properly and lawfully done and performed and do exist in regular and due form as required by the Constitution and laws of the State of Nebraska and the City Charter ,. and ordinances of the City of Omaha. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: THAT, Mike Fahey, Mayor of the City of Omaha, or any acting Mayor of the City of Omaha, and Buster Brown, City Clerk of the City of Omaha, or any Deputy City Clerk of the City of Omaha, be, and they are authorized and directed to execute and attest, respectively, General Obligation Note No. 07-A of the City of Omaha in the amount of Two Hundred Fifteen Thousand Dollars ($215,000) payable to First National Bank, Omaha, Nebraska; the General Obligation Note to be issued December 21, 2007, and maturing December 20, 2008, with interest thereon at the rate of four and ninety hundredths percent (4.90%) per annum to temporarily finance the Special Assessment Fund of the City of Omaha. BE IT FURTHER RESOLVED: THAT, the General Obligation Note in the principal amount of Two Hundred Fifteen Thousand Dollars ($215,000) and the interest thereon be payable from the Special Assessment Fund Account. APP'O PAj I RM: ,. . C- /2-LO --0 7 ,. J. CITY A " • ' EY DATE PAFIN\16846maf.doe By `Aa-ipii,..144. Councilmember Adopted DEC 1 1 7 6 'Q //-if .' ---, dfrKe7'''---'45/ - City Clerk1�Approved - Mayor d temporary financing; and, By Councilmember Adopted City Clerk Approved Mayor y law to be done and to exist precedent to, in order to lawfully authorize the issuance of this note, have been properly and lawfully done and performed and do exist in regular and due form as required by the Constitution and laws of the State of Nebraska and the City Charter and ordinances of the City of Omaha. IN WITNESS THEREOF, THE City of Omaha has caused this note to be signed by its Mayor and its corporate seal to be hereunto fixed and attest by its City Clerk and this note to be dated as of the 21st day of December, 2007. CITY OF OMAHA, A MUNICIPAL CORPORATION SEAL Mayor of the ity of Omaha ATTEST: ty Clerk of the City of Omaha P:\FIN\7680sap.doc ice. - 2 - l I f-Z-t 1 6-4- PAPVV\16190pjm.doc Rivkah K. Sass Date Library Director -'.0.--._?, ''''f--1 - may..- ,9/,'` %Si •: --;;-.V...-/j�1 ..e.___ 'Fi 'Ai-'_ _lam. ' j 7 /. // " • '5 ; /i/ • • " {g r• rr/�,,�,;' �i/s -,. r (- , ( i ;1 f l 14!I 1 (f Cl\\« ( . _ a ity park fees will be paid by the District to the City when the District's current debt ratio is below 10%and the City's Parks and Finance Directors request the payment. Note(4) Neighborhood and/or Trails/Blvd fees shall be paid prior to recording the plat;if reimbursement is required from the City fund,it will be reimbursed to the S&I.D.as monies are available in the fund and in chronological order of the final plat approval. Note(5)Soft costs for acquisition include finance,legal,and necessaary survey costs. Note(6)Soft costs for improvements include Finance,Legal,Design and Project Administration. Revised 7-26-01 Note(7)This money shall reimbursed by the City to the SID,but only if monies become available in the Community Park Fund. onformance with the requirements of the Omaha Municipal 8 11. t I.3III a g g6 E 1 c tifi 14 lift ' . a _15ffa 111.141114 .a 1 14 € g .• R € gaQ g s 9 • • € ; a II I I I ® e<;a. E&A CONSULTING GROUP,INC. _ • 1 •PINAL'PIAT WHISPERING RIDGE WEST ENGINEERING•PLANNING•FIELD SERVICES _ 1 • w.wM .v mNwwn ae $S@ . m,...x1Z air C PMYRImn mSlmJ wslaAmsls+ ill g 0 o 0 OcD cgo ccoo p o t o cp Oo 00Pzi 0 A) '17. = r+ 0 5' c+ X cpn A, Oro O O ' _ O a) y p', x p, P p, P� 5 0 Cr a sD (,. .i �, oa ° 5 Li 0 ° ,5 �m w o .A O ° ,-o 0 Py cr 69 O O ° c z `O CJpa, O5' d0 g.CD CD p N '" z0 O a .5 ~G ao - ?� c.w c c zoo r] O a ,- `< CD CD co" o NC !), _ , N ni �-. f a' ° = o __ a. Q P.M o " N cc cc � -< <? 15 n a ° r °w ,�., 5- ° ° O5oe c9 °* ° 0 o J1 ` ,ii • A V Nxc. °N,.a ' Ng n ^. , -, nO O = > ' a O stN '* ry , O CD N i CD CD o o 0 o 0 " a' o - o 0 - ety hundredths percent (4.90%) per annum to temporarily finance the Special Assessment Fund of the City of Omaha. BE IT FURTHER RESOLVED: THAT, the General Obligation Note in the principal amount of Two Hundred Fifteen Thousand Dollars ($215,000) and the interest thereon be payable from the Special Assessment Fund Account. APP'O PAj I RM: ,. . C- /2-LO --0 7 ,. J. CITY A " • ' EY DATE PAFIN\16846maf.doe By `Aa-ipii,..144. Councilmember Adopted DEC 1 1 7 6 'Q //-if .' ---, dfrKe7'''---'45/ - City Clerk1�Approved - Mayor d temporary financing; and, By Councilmember Adopted City Clerk Approved Mayor y law to be done and to exist precedent to, in order to lawfully authorize the issuance of this note, have been properly and lawfully done and performed and do exist in regular and due form as required by the Constitution and laws of the State of Nebraska and the City Charter and ordinances of the City of Omaha. IN WITNESS THEREOF, THE City of Omaha has caused this note to be signed by its Mayor and its corporate seal to be hereunto fixed and attest by its City Clerk and this note to be dated as of the 21st day of December, 2007. CITY OF OMAHA, A MUNICIPAL CORPORATION SEAL Mayor of the ity of Omaha ATTEST: ty Clerk of the City of Omaha P:\FIN\7680sap.doc ice. - 2 - l I f-Z-t 1 6-4- PAPVV\16190pjm.doc Rivkah K. Sass Date Library Director -'.0.--._?, ''''f--1 - may..- ,9/,'` %Si •: --;;-.V...-/j�1 ..e.___ 'Fi 'Ai-'_ _lam. ' j 7 /. // " • '5 ; /i/ • • " {g r• rr/�,,�,;' �i/s -,. r (- , ( i ;1 f l 14!I 1 (f Cl\\« ( . _ a ity park fees will be paid by the District to the City when the District's current debt ratio is below 10%and the City's Parks and Finance Directors request the payment. Note(4) Neighborhood and/or Trails/Blvd fees shall be paid prior to recording the plat;if reimbursement is required from the City fund,it will be reimbursed to the S&I.D.as monies are available in the fund and in chronological order of the final plat approval. Note(5)Soft costs for acquisition include finance,legal,and necessaary survey costs. Note(6)Soft costs for improvements include Finance,Legal,Design and Project Administration. Revised 7-26-01 Note(7)This money shall reimbursed by the City to the SID,but only if monies become available in the Community Park Fund. onformance with the requirements of the Omaha Municipal 8 11. t I.3III a g g6 E 1 c tifi 14 lift ' . a _15ffa 111.141114 .a 1 14 € g .• R € gaQ g s 9 • • € ; a II I I I ® e<;a. E&A CONSULTING GROUP,INC. _ • 1 •PINAL'PIAT WHISPERING RIDGE WEST ENGINEERING•PLANNING•FIELD SERVICES _ 1 • w.wM .v mNwwn ae $S@ . m,...x1Z air C PMYRImn mSlmJ wslaAmsls+