$14M authorized for upgrades to municipal facilities, systems

In a recent decision, the city of Oxford has authorized up to $14 million in general obligation bonds for 2023 targeting a sweep of public improvement projects. This initiative, part of the larger $14 million infrastructure plan, is set to upgrade and construct municipal buildings and recreational facilities.

The mayor and board of aldermen’s resolution on Oct. 17 kick started the plan, expressing intent to issue bonds up to $14 million. 

A “No Protest Resolution” on Nov. 21 confirmed no objections to this issuance, setting the stage for the “Public Improvements Issue” Series 2023 Bonds totaling $9 million.

The funds are broadly designated for city infrastructure, including building and recreational upgrades, without specifying individual projects.

A pivotal aspect is the bond repayment plan, involving a direct tax on all taxable property in Oxford. This adjustable annual tax rate will fulfill bond obligations.

These bonds, to be paid through citywide tax levies, will mature annually from 2024 to 2043. They are registered in $5,000 denominations, with interest capped at 11 percent per annum, starting semiannual payments from June 1, 2024.

Officials highlight a provision to potentially reduce property tax levies if alternative funds are available by Sept. 1 each year, offering possible tax relief based on the city’s financial health.