RES 1998-3391 - Revenue bonds for upgrade of NP Dodge Park Marina ary w
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,_C 3�.,,,,, Finance Department
R, � 7
Omaha/Douglas Civic Center
819
TN'�1 � N 98 ;til0'J 30 & J" 55 1Omahar Nebraska 68183-1004
° (402)444-5416
Piror.s•• l Telefax(402)444-5423
4TED FEBR�r
0 t i r- , r, .:..,;,,a + Louis A.D'Ercole
City of Omaha Director
Hal Daub,Mayor
Honorable President
and Members of the City Council,
The attached proposed resolution declares the City's intention to issue tax-exempt revenue bonds to
pay the cost to upgrade the N. P. Dodge Park Marina.
As you will recall the City Council received a briefing on June 9, 1998 outlining a new master plan
for the Marina. The project construction is taking place through two phases. The first phase contract
was awarded on October 20, 1998 and the,second phase contract is anticipated to come to the
Council in December or early January. Once bids are received on December 2, 1998 the Finance
Department, working in conjunction with the Park,Recreation and Public Property Department and
Law Department will bring forth a revenue bond issue proposal to finance the total construction cost.
The proposed tax-exempt revenue bonds will be retired from user fees generated by the Marina over
a 10 year time frame.
The Finance Department respectfully recommends approval of this resolution in order to meet legal
requirements for the issuance of tax-exempt revenue bonds.
Respectfully submitted, Referred to City Council for Consideration:
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Louis A. D'Ercole D to Mayor's Office/Title Date
Finance Director
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-c.25A• CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebr " 19
RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
WHEREAS, the City of Omaha(the "City") intends to renovate, improve and equip
the N.P. Dodge Park Marina(the "Project"), 11005 John J. Pershing Drive, Omaha, Nebraska; and,
WHEREAS, the City estimates that the cost of the Project, including capitalized
interest, will be approximately$1.5 million; and,
WHEREAS, the City wishes to declare its intention to authorize a tax-exempt
financing of the Project costs by an issue of revenue bonds; and,
WHEREAS,pending the issuance and sale of such revenue bonds, the City expects
to incur and pay certain costs of the Project from moneys on deposit in its Marina Revenue Fund,
and to reimburse itself for such payments from the proceeds of such revenue bonds when issued;
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF OMAHA:
THAT, the City does hereby declare its intention to authorize the issuance and sale
of an issue of revenue bonds, the interest on which revenue bonds will be excluded from gross
income for federal income tax purposes,in such an amount as shall be necessary to defray the Project
costs,presently estimated not to exceed$1.5 million,the terms,conditions,issuance and sale of such
tax-exempt revenue bonds to be authorized by subsequent official action of the City at a meeting
or meetings of the City Council held for such purpose.
APPROVED AS TO FORM:
SISTA T CITY TTO EY D TE
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1/5464(-‘44°'
By. Councilmember
Adopted UtL - 1998 a
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