Midland ISD Press Release
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.