In a unanimous decision, the Oxford Board of Aldermen approved a resolution at their Dec. 5 meeting to secure a $9 million bond for the construction of a new Oxford Police Department headquarters and upgrades to the city pool. 

The bond, obtained through a bid by Raymond James at an interest rate of 3.68 percent, was selected over higher bids from RW Baird Company and Crews and Associates.

Sue Fairbank from Butler Snow recommended the board accept Raymond James’ bid.

To address the bond’s repayment, the City of Oxford plans to increase property taxes, which will commence in 2024 and extend through 2043. The exact impact on individual taxpayers will vary based on property values.

The bonds will be issued in a book-entry-only format, a system where physical certificates are not printed, but ownership details are recorded electronically. This method simplifies the management and transfer of the bonds.