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$37,525,000* City of Omaha, Nebraska General Obligation Refunding Bonds Series of 2010

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$37,525,000* City of Omaha, Nebraska General Obligation Refunding Bonds Series of 2010 t PRELIMINARY OFFICIAL STATEMENT DATED OCTOBER 19, 2010 y jurisdiction in NEW ISSUE-Book-Entry Only Ratings: Standard & Poor’s: ___ Moody’s: ___ (See “RATINGS” herein) In the opinion of Bond Counsel, under existing laws, regulations, rulings and judicial decisions, interest on the Bonds is e securities in an e securities excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, except that such interest must be included in the “adjusted current earnings” of certain corporations for purposes of calculating alternative minimum taxable income. Bond Counsel also is of the opinion that, under existing laws of the State of Nebraska, such interest is exempt from Nebraska state income taxation as long as it is exempt for purposes of the federal income tax. See “TAX EXEMPTION” herein. accepted prior to the time the Official the Statemen to the time accepted prior $37,525,000* City of Omaha, Nebraska shall there be any sale of thes there be any sale shall General Obligation Refunding Bonds Series of 2010 Dated: Date of Delivery Due: December 1, as shown on inside cover page The Series of 2010 Bonds (the “Bonds”) are issuable in fully registered form in the denominations of $5,000 and integral multiples thereof. Interest on the Bonds is payable semiannually on June 1 and December 1 of each year, commencing June 1, 2011, by check or draft mailed to the registered owner as of the applicable record date at the address shown on the books ies may not be sold nor may offers to buy be buy offers to nor may be sold not ies may of registry maintained by First National Bank of Omaha, as Registrar. Principal of the Bonds is payable upon presentation and surrender of the Bonds at the principal corporate office of First National Bank of Omaha, as Paying Agent, in Omaha, Nebraska. solicitation of an offer to buy nor of an offer to buy solicitation The Bonds are subject to optional redemption prior to maturity, as more fully set forth herein. y such jurisdiction. y such jurisdiction. The Bonds initially will be registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York (“DTC”), which will act as securities depository for the Bonds. Purchases of the Bonds may be made only in book-entry form in authorized denominations by credit to participating broker-dealers and other institutions on the books of DTC as described herein. Purchasers will not receive certificates evidencing the Bonds. Principal of and interest on the Bonds will be payable by the paying agent directly to DTC as the registered owner thereof. Disbursement of such payments to the DTC Participants is the responsibility of DTC, and disbursement of such payments to the beneficial owners is the responsibility of the DTC Participants and the Indirect Participants, as more fully described herein. Any purchaser of a beneficial interest in the Bonds must maintain an account with a broker or dealer who is, or acts through, a DTC Participant to receive payment of the principal of and interest on such Bonds. See “THE BONDS—Book-Entry Only System” herein. The proceeds of the Bonds will be used to finance the cost of refunding certain outstanding general obligation completion or amendment. These securit completion indebtedness of the City of Omaha (the “City), including certain debt assumed by the City as a result of its annexations of six Statement constitute an offer to sell or a Statement an constitute Douglas County, Nebraska sanitary and improvement districts. qualification under the securities laws of an THE BONDS ARE PAYABLE FROM AD VALOREM TAXES, UNLIMITED AS TO RATE AND AMOUNT, LEVIED BY THE CITY AGAINST ALL TAXABLE PROPERTY IN THE CITY. THE FULL FAITH AND CREDIT OF THE CITY ARE PLEDGED TO THE PROMPT PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS. MATURITY SCHEDULE (on inside cover page) This cover page contains information for convenient reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential and material to the making of an informed investment decision. information contained herein are subject to are herein contained information The Bonds are being offered when, as and if issued by the City and accepted by the Underwriter, subject to the approval umstances shall this Preliminary Official of legality of the Bonds by Kutak Rock LLP, Bond Counsel and to certain other conditions. It is expected that delivery of the ould be unlawful prior to registration or Bonds will be made on or about November __, 2010, at DTC in New York, New York against payment therefor. * Preliminary; subject to change which such offer, solicitation or sale w This Preliminary Official Statement and the is delivered in final form. Under no circ $37,525,000* City of Omaha, Nebraska General Obligation Refunding Bonds Series of 2010 MATURITY SCHEDULE* Maturity Principal Interest CUSIP (December 1) Amount Rate Yield Price 681712 2011 $2,470,000 2012 3,605,000 2013 2,755,000 2014 3,380,000 2015 2,945,000 2016 2,745,000 2017 3,105,000 2018 2,390,000 2019 2,345,000 2020 2,315,000 2021 2,235,000 2022 1,235,000 2023 455,000 2024 540,000 2025 905,000 2026 1,185,000 2027 1,325,000 2028 510,000 2029 530,000 2030 550,000 (No Accrued Interest) * Preliminary; subject to change CITY OF OMAHA, NEBRASKA JIM SUTTLE, MAYOR CITY COUNCIL Garry Gernandt, President Chris Jerram Pete Festersen Jean Stothert Franklin Thompson Ben Gray Thomas Mulligan. DEPARTMENT DIRECTORS Pam Spaccarotella................................................................................................................ Finance Director Paul D. Kratz............................................................................................................................. City Attorney R.E. Cunningham................................................................................................................Planning Director Alex Hayes................................................................................................................................. Police Chief Michael McDonnell ........................................................................................................................Fire Chief Melinda Pearson................................................................... Parks, Recreation and Public Property Director Robert Stubbe.............................................................................................................. Public Works Director Richard O’Gara....................................................................................................Human Resources Director Gary Wasdin ........................................................................................................................ Library Director Dana Markel.............................................................................................. Convention and Tourism Director Richard O’Gara...................................................................................Human Rights and Relations Director Allen Herink, City Comptroller Buster Brown, City Clerk AUDITOR KPMG LLP BOND COUNSEL Kutak Rock LLP UNDERWRITER [THIS PAGE LEFT BLANK INTENTIONALLY.] No dealer, broker, salesperson or other person has been authorized by the City or the Underwriter to give any information or to make any representations in connection with the Bonds or the matters described herein, other than those contained in this Official Statement, and, if given or made, such other information or representations must not be relied upon as having been authorized by the City or the Underwriter. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information and expressions of opinion contained herein are subject to change, without notice, and neither the delivery of this Official Statement, nor any sale made hereunder, shall, under any circumstances, create any implication that there has been no change in the matters described herein since the date hereof. This Official Statement is submitted in connection with the sale of the Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose. The Underwriter may offer and sell Bonds to certain dealers and others at prices lower than the offering prices stated on the cover page hereof. The offering prices may be changed from time to time by the Underwriter. TABLE OF CONTENTS Page Page INTRODUCTION ..............................................................1 LITIGATION................................................................... 16 CITY OF OMAHA GENERAL INFORMATION.............1 FINANCIAL STATEMENTS ......................................... 16 Form of Government...........................................1 VERIFICATION OF MATHEMATICAL City Administration ............................................1 COMPUTATIONS .......................................................... 16 City Financial Management and Controls...........2 CERTIFICATION AS TO OFFICIAL Financial Reporting Systems and Control STATEMENT.................................................................. 16 Systems...............................................................3 Location and General Background......................3 APPENDIX A—CITY
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