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September 18, 2026 — Midland ISD’s latest bond offering drew significant investor interest, with demand exceeding the amount of bonds available and helping push the district’s final interest rate below what was anticipated during bond planning.
The district saw high demand for its approximately $500 million bond offering, which combined new money and refinanced debt. Orders totaled approximately $1.6 billion across nearly 70 investor accounts.
The bonds finalized at an effective interest rate of 5.004%, coming in below the 5.50% target used during initial planning. When compared to the planning rate, this saved taxpayers approximately $54.89 million in interest. Strong investor demand and oversubscription allowed underwriters to reduce the final rate. Additionally, future refinancing options remain open should prevailing market interest rates decline.
The level of investor interest was attributed to Midland ISD’s name and recognition in the market, strong credit ratings, timing, and overall structure of the transaction.
“This level of investor demand speaks highly of Midland ISD’s financial position and the confidence investors continue to have in the district,” said Tucker Durham, Chief Financial Officer. “That demand ultimately helped us secure a lower interest rate, which is a positive outcome for Midland taxpayers.”
The bonds are structured for a 30-year repayment plan, consistent with the assumptions used during the district’s bond planning process.
The latest bond sale follows the recent reaffirmation of Midland ISD’s strong credit ratings. Moody’s maintained the district’s Aaa rating, its highest available rating, while S&P maintained the district’s AA rating with a stable outlook. The ratings reflect the firms’ assessment of the district’s creditworthiness and are used by investors when making investment decisions.
The district’s continued focus on managing debt and reducing borrowing costs has resulted in significant savings for taxpayers. Since 2012, Midland ISD has saved taxpayers approximately $212.1 million in interest that will not be required to be paid. That total includes approximately $58 million in interest savings from a recent bond refunding.
“Responsible financial management is about more than the decisions we make today; it is about the long-term impact those decisions have on our taxpayers,” said Superintendent Dr. Stephanie Howard. “We are proud that strong investor confidence in Midland ISD has again helped us achieve a favorable result while continuing to deliver the projects our community approved.”
The new money bonds are part of the $1.4 billion bond program approved by Midland voters in November 2023. The program includes construction of new Midland High School and Midland Lee High School campuses, a new elementary school in the Lone Star Trails area, safety and security upgrades, and improvements to aging facilities districtwide.
The new elementary school, Lone Star Trails Elementary, opened to students in August 2025, and construction of the district’s two new comprehensive high schools remains on schedule for an August 2028 opening.
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![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/v1767653499/midlandisdnet/aarpdai9q5kkjmaxomlc/MidlandISD1.png","width":256},{"url":"https://resources.finalsite.net/images/f_auto,q_auto,t_image_size_2/v1767653499/midlandisdnet/aarpdai9q5kkjmaxomlc/MidlandISD1.png","width":512},{"url":"https://resources.finalsite.net/images/f_auto,q_auto/v1767653499/midlandisdnet/aarpdai9q5kkjmaxomlc/MidlandISD1.png","width":600}])
