OXFORD, Miss. — Voters in a Mississippi city have approved a $38 million bond issue to pay for school construction and improvements.
The Oxford Eagle reports that more than 80 percent of people who voted Tuesday approved the proposal. Passing a bond issue requires at least 60 percent.
School districts and other government entities issue bonds to provide long-term financing for big-ticket items.
The Oxford School District will use the $38 million to build a new elementary school and fund improvements at existing schools, including a new fine arts facility at Oxford High School.
Property taxes on a house valued at $100,000 will increase about $38 a year.