Bond & Sinking Fund Progress Info. (post-election)

Bond and Sinking Fund Update

As we continue to strive for excellence in Oxford Community Schools, we have paid specific attention to the desires of the district families and staff from the survey results of previous years.  In order to achieve many of the items identified in those surveys, we needed the support and trust of the community to approve both the Bond and Sinking Fund proposals.


Thank you, Oxford Community, for your partnership in education through the passage of the Bond and Sinking Fund proposals on November 7, 2017.


In the best effort to provide transparency, we would like to share with you the process and planning that is required to accomplish the improvement projects throughout the district. 


The sale of bonds fund school capital improvements, similar to a bank buying a home mortgage.  Principal and interest are paid to investors, and the proceeds of the sale finance construction projects.  For the first time in the history of Oxford Schools, the bonds will be sold in three installments (or series) rather than all at once. This financially responsible strategy reduces the total amount of interest owed, ultimately saving the district money.  The primary benefit of this plan results in homeowners not receiving the burden of a tax increase. 


The sale of the first series of bonds is scheduled to be completed in June, at which point, the design, bidding and construction of the district’s capital improvements will begin. Each of the three bond installments anticipates to net approximately $9 million in proceeds.  With the first installment, we will address prioritized improvements and the district’s most severe needs.


In the first series, work will begin in the summer of 2018 and extend through 2020.  It will include the addition of air-conditioning at all elementary schools, along with the installation of a new boiler and hallway carpeting at Daniel Axford Elementary.  The damaged roofing sections and the air-handling unit on the west portion of the high school will be replaced. We will allocate $1.0 million of the bond proceeds in this series to purchase new buses.


The second series will fund projects slated to bid in November of 2020 with work completed through 2022.  These projects will improve the middle and elementary schools’ parking lots, sidewalks and parking lot lighting.  We will replace the water boiler, HVAC controls and sanitary/heating piping at the middle school, as well as the vinyl flooring in the high school cafeteria and corridors.  We will earmark another $500,000 for the purchase of new buses in series two.


The final series will fund work currently scheduled for 2023 through 2024.  The replacement of doors and exterior lighting at all elementary schools and outside lighting at the high school will take place during series three.  We will refinish the high school pool and install a new HVAC unit servicing the pool.  Paving and sidewalk replacements at OHS and the district’s bus garage will also occur at this time.


The Sinking Fund dollars first received by the district in October of 2018 (after the summer taxes have been collected) will offset any site improvements that the bond does not cover and purchase instructional technology for students.  Sinking Fund dollars will be collected for five years and can only be spent after they have been collected.