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Mayor Jean Stothert | City of Omaha

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The City of Omaha issued $25 million in bonds Tuesday to fund street and sewer projects, public facilities, parks and recreation and public safety.

The 20-year bonds were sold at the interest rate of 3.24%, nearly identical to the rate projected by underwriters prior to the announcement last week that Standard and Poor’s had downgraded the city’s bond rating. The underwriter’s projection was 3.23%.

“The interest rate proves investors have confidence in our current and future financial performance,” said Mayor Jean Stothert. “Low interest rates keep taxes lower and allow us to complete more projects.”

The city’s AA+ rating from S & P is the second highest rating possible. Moody’s Investment Service reaffirmed Omaha’s AA1 bond rating .  Omaha’s bond ratings are higher than 85% of all U.S. cities.   “The slight slip in our S & P rating has not affected our ability to sell bonds at a highly attractive interest rate,” said Acting Finance Director Al Herink.

The city expects to issue bonds again in early 2014 for the combined sewer separation project.