Oxford to spend some, invest most of windfall - WMC Action News 5 - Memphis, Tennessee

Oxford to spend some, invest most of windfall

Oxford city officials are discussing how to use a $30 million windfall the city will receive next week. Oxford city officials are discussing how to use a $30 million windfall the city will receive next week.

OXFORD, Miss. (AP) - Oxford city officials are discussing how to use a $30 million windfall the city will receive next week.

The money is Oxford's share of the cash from the sale of the Baptist Memorial Hospital-North Mississippi building to Baptist Memorial Health Care Corp.

The Oxford Eagle reports that the city's Board of Aldermen initially considered investing all $30 million to provide a financial cushion for future needs. But aldermen now want to use a small portion to pay for immediate needs.

Aldermen have approved a motion to hold $2 million from the $30 million for the next six months while making a list of potential community projects. If that money is not used, then it will be invested.

Information from: Oxford Eagle, http://www.oxfordeagle.com

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly