|
August 8, 2025 – This week, Midland ISD finalized the defeasance, which eliminated all outstanding debt obligations prior to series 2024 and allowed the district to start paying back a portion of the new debt. This means the district has no outstanding debt prior to the 2023 voter approved bond.
The defeasance was approved during the July 2025 regular meeting of the Board of Trustees and resulted in additional savings for taxpayers. The defeasance saved taxpayers $12,599,236 on top of the $92,053,078 that has been saved since 2012.
“We are proud to save taxpayers this additional $12.6 million through thoughtful planning over the past decade,” said MISD Chief Financial Officer, Tucker Durham. “It is our goal to provide superior financial stewardship to our taxpayers, and this is one way we are achieving our role as fiduciaries.”
It’s important to note that Moody’s upgraded the district's bond ratings to an Aaa earlier this year, making MISD one of only six school districts in Texas to achieve this top rating. This was attributed to the district’s commitment to continue aggressively paying down outstanding debt, the district's current financials, and the management by the Board of Trustees and the district.
After the defeasance, the district is left with an outstanding principal amount of $825,940,000, directly associated with series 2024. The district plans to continue aggressively paying down debt to save taxpayers money in the long run, as shown by its track record over the past decade.
Since 2012, the district has saved taxpayers $104,652,314 through refinancing and defeasing existing debt. “We will continue monitoring our debt portfolio and aggressively paying down debt based on market trends moving forward,” said Durham. “This will help us to ensure our efforts are in the best interest of the district and community.”
Note: Funds generated from the interest and sinking (I&S) tax rate can only be utilized to pay back voter-approved debt and cannot be used for any other purpose. Similar to bond funds, funds from a voter approved bond can only be used to address projects outlined in the 2023 bond.
|
![The image depicts the logo of the Midland Independent School District, which was established in 1907. The logo features a star and the letters "M" and "I" in red and blue colors against a white background, surrounded by a circular border with the text "MIDLAND INDEPENDENT SCHOOL DISTRICT" and "EST. 1907".]([{"url":"https://resources.finalsite.net/images/f_auto,q_auto,t_image_size_1/v1750189250/midlandisdnet/phoxynprgigaqrpkdrkb/NEWLogos11.png","width":256},{"url":"https://resources.finalsite.net/images/f_auto,q_auto,t_image_size_2/v1750189250/midlandisdnet/phoxynprgigaqrpkdrkb/NEWLogos11.png","width":512},{"url":"https://resources.finalsite.net/images/f_auto,q_auto,t_image_size_3/v1750189250/midlandisdnet/phoxynprgigaqrpkdrkb/NEWLogos11.png","width":800},{"url":"https://resources.finalsite.net/images/f_auto,q_auto/v1750189250/midlandisdnet/phoxynprgigaqrpkdrkb/NEWLogos11.png","width":1080}])
