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Debt Refinancing Will Save Oxford $1.43 Million, Temple Says

Oxford refinanced its debt this week; Temple credits finance director.

Oxford First Selectman George Temple announced the town had a savings of $1.43 million from refinancing a portion of its outstanding debt.  

In a news release, Temple said he was very pleased with the results as the refinancing represents a savings of more than $100 for every resident in town and praised the hard work of Finance Director James Hliva.

“Jim Hliva was instrumental in taking a proactive position on re-financing. I appreciate his initiative and ‘can do’ attitude. The people of Oxford owe him a debt of thanks,’’ said Temple, who has recommended that Hliva get a 12 percent raise this year and defended that action at a

The debt savings will begin on July 1 and will continue on an annual basis until 2029.  In next year’s operating budget, the savings will be $109,145. The majority of the debt that was refinanced was for the construction of , which opened in 2007.

Hliva and Temple led the refinancing charge and were assisted by Mark Chapman of Independent Bond and Joseph Fasi of the law firm Fasi Law.

The firm Roosevelt and Cross of New York City purchased the bonds. Hliva said when he spoke with Roosevelt and Cross on Tuesday afternoon, the firm said it had already begun to market the bonds to investors and were having very positive results, according to the news release from Temple’s office.

The refinancing of the bonds, which is also called a refunding, is comparable to residents refinancing their home mortgage, but is done in the bond market versus homeowner going to their personal lending institutions, the release states.

Hliva said the present value savings was 9.4 percent, which was excellent. He said anything in excess of 3 percent is good, and that Oxford far exceeded the 3 percent mark.

On Monday, . An Aa rating is the second best rating given by Moody’s. Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. The modifier 2 indicates a mid-range ranking.

Dave April 27, 2012 at 01:51 PM
Another fine example of how Jim Hilva has Oxford's best interests in mind. Over the years Jim has saved this town Millions with his creativity,dedication, and professional skills. Jim Hilva is an asset to our Town and we are fortunate to have him in Town Hall.
Bernard April 27, 2012 at 07:14 PM
Couldnt agree more. Seems like we finally have good fiscal admins. Now if we just get rid of some of the old, dead wood pn the BOF. We might then be able to avoid the penny-wise, pound-foolish decision making that has left so much undone and ill-maintained. You get what you pay for. In Oxford's case - that aint much. BOF thinks that everything is a luxury- even competence.
jeb April 28, 2012 at 10:37 AM
Ah the advocates of unrestrained spending continue their call for more spending as the world goes down the tubes for doing just that. Wake up people, the board of finance members, at least four of them, are the adults who understand spend within your means. Thanks guys for doing your job and taking the heat from those who would put us further into debt.
Man Mountain April 28, 2012 at 10:48 AM
Jim Hilva does a good job.Heaping praise on one for doing his job is ok but does not justify a huge raise.The newly elected tax collector got a huge raise also.In these trying times no one should be getting raises.
Angelina C April 28, 2012 at 01:14 PM
Yes this was a good move, but let's not make it sound like every other municipality isn't taking advantage of refinancing bonded debt with these lower rates. They are all doing it, just like homeowners are refinancing their mortgages. This publicity still doesn't justify a better than $12K raise in this economy... sorry Jim.
Dave April 28, 2012 at 02:44 PM
It goes beyond that and you know it.Jim Hilva has been saddled with many more responsibilities since the Tax collector scandal and deserves to be compensated for doing them.Not entitled just because other towns pay higher. The municipal budget has only gone up POINT .2% Our Municipal employees and services suffered dearly these last few years. •The $26.54 million school budget, which equates to an increase of $609,101, or 2.3 percent; •A $13.4 million municipal operating budget, which carries an increase of $26,501, or .2 percent; •And $734,000 in one-time spending to repair several roads.
Man Mountain April 28, 2012 at 08:38 PM
Dave,Don't break your arm patting Jim on the back.Yes Dave,Jim has more responsibilities BUTT,It does not justify the huge raise that you and your merry band seem to be pushing.More duties in the work place is normal in this economy.Dave when did you get your last raise.
Dad in Oxford April 29, 2012 at 07:15 PM
What is amazing is that the REQUESTED salary by Hliva was $64,045 per this years budget request and then Temple gave him $10,000 more then he asked for and the BOF agreed. Simply amazing!
Dad in Oxford April 29, 2012 at 10:46 PM
See the budget on Oxford's website. In the Finance section, see the Dept. Request amount for the Finance Director, which Hliva creates for his Dept. then look at the BOS amount, they increased the amount by $10,000.
Dad in Oxford April 30, 2012 at 09:54 AM
Using your logic, why stop there? Why not apply that same logic to other employees too simply because the cost per taxpayer is minimal? You want all town employees to feel wanted too, right? Your logic will bankrupt is all.
Will Wilkin April 30, 2012 at 11:48 AM
its not the world going down the tubes, just our part of it. Hundreds of millions have been lifted out of poverty in the past 3 decades, especially in China. But those workers are still a tenth of our wage. As the cold war ended, American and other rich-world corporations discovered that a massive supply of foreign labor was available at practically free wages. To boost shareholder returns and management bonuses, American corporations began moving their production for American markets offshore. Products that were made in Peoria are now made in China. As offshoring spread, American cities and states lost tax base, and families and communities lost jobs. The replacement jobs, such as selling the off-shored products at Wal-Mart, brought home less pay. So long as "free trade" is our national policy, the race to the bottom will continue as American workers are pitted against the labor and environmental conditions of the poorest countries on earth. More than any other factor, "free trade" is the root of our American local fiscal crises. As for spending, look at the literally $TRILLION$ spent annually by the USA on war and military and then tell me its the schoolteachers bankrupting the country. It is Wall Street and the war contractors that have wrecked our economy.

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