Midland ISD sold the $93.110 million remaining in the 2012 Bond Issue. The district worked with First Southwest to sell the remaining amount on January 29, 2014. The sale of the remaining $93.110 million successfully issued the remaining authorization from the 2012 Bond Issue, which is in the amount of $163 million.
The recent bond issuance has an effective interest rate of 4.199% in terms of True Interest Cost (TIC). (Current rates continue to remain below the 10-year average by approximately .40%.) The debt service on the bonds is structured with the final payment occurring in 2040.
MISD sold a portion of the 2012 Bond in March 2013; First Southwest estimates that the decision to split the bond sales saved the taxpayers of Midland $2 million.
The 2012 Bond was approved to build three new elementary campuses, and to complete building additions and renovations for the existing elementary campuses, including significant technology and infrastructure additions.
Midland ISD is assigned a rating of “AA” by Standard & Poor’s and “Aa2” by Moody’s.