Oxford Bank last night was awarded the sale of $3.3 million in capital improvement bonds by the village council.
Offering a 3.8228 percent interest rate, Oxford Bank was the lowest of six ‘very competitive bids? for the purchase of the bonds, according to village Manager Joe Young.
The sale of these bonds will finance three street improvement projects for the village ($2.5 million) and downtown parking improvements to be implemented by the Oxford DDA ($800,000).
Young said Oxford Bank’s interest rate is ‘significantly lower than what we estimated? and ‘very, very favorable? to the village. ‘It’s one percent less than we originally thought,? he said.
A 15-year schedule was created to retire the bond debt with an average annual payment of about $292,000 divided between the village ($221,000) and Oxford DDA ($71,000).
Construction work on the three street projects ? which include Pontiac, Glaspie and a new portion of Mill Street ? will commence on Thursday, June 16 and be completed by Labor Day (Sept. 5), subject to weather conditions.
The Clarkston-based Cadillac Asphalt, the project’s contractor, will begin work on Pontiac Street on June 16 and finish by the first of August.
During construction of the concrete curb, gutter and driveway approaches along Pontiac Street, ? tentatively scheduled for July 6 through July 18 ? businesses and homeowners are asked to park on adjacent side streets or make other arrangements while the concrete cures. Village officials stated, ‘These interruptions should be brief, approximately three days, and access will be maintained thereafter.?
On July 7, construction work will begin on Glaspie St. and wrap up by mid-August.
Construction of a new portion of Mill Street between Stanton and Broadway streets will commence Aug. 2 and be completed by Labor Day.