Aldermen greenlight $14M for city upgrades
Published 7:12 am Wednesday, October 25, 2023
The Oxford Board of Aldermen unanimously approved a resolution allocating up to $14 million toward capital improvements in the city during their meeting on Oct. 17.
This funding is aimed at various city projects, including refurbishing and constructing municipal buildings and developing swimming pools and other recreational facilities.
The resolution outlines the issuance and sale of general obligation bonds, or a bond sale to the Mississippi Development Bank. It also provides the possibility of securing a loan from the bank to finance these projects.
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Butler Snow LLP of Ridgeland, Mayo Mallette PLLC of Oxford and Government Consultants, Inc., of Madison were chosen as bond counsel, city counsel, and Independent Registered Municipal Advisor, respectively.
The resolution stipulates that the total principal amount for the bonds or the loan will not exceed $14 million.