Omaha was founded in 1854 and is the largest city in the state of Nebraska. Omaha is the nationâ€™s 42nd largest city with a population of 427,872. The City of Omaha operates under a Mayor-Council form of government. The mayor and the seven City Council members are elected to four year terms. Omaha has a strong and vibrant business community and the city is home to five Fortune 500 companies. In 2008, Kiplingerâ€™s Personal Finance magazine named Omaha the nationâ€™s third best city to live, work and play.