MISD Saves Taxpayers $185,000 Through Early Bond Payoffs

March 26, 2021 — MISD has saved taxpayers money by paying off school bond debt early.
This month, the district paid $3 million to close its series 2011 bond repayment obligation. These bonds were set to mature in 2028, and the early repayment has saved taxpayers $185,000 in interest payments. Last year, MISD made an early payment of $10 million toward its series 2011 bonds.
"We are working hard to reduce the debt for MISD by paying it off early," said Darrell Dodds, Chief Financial Officer. "Doing so lowers the tax rate and demonstrates that MISD is being fiscally responsible."
In July, the Office of Financial Services re-funded school bonds with a lower interest rate, which will save taxpayers $16.5 million through 2040.
Midland ISD carries a perfect score in the Texas Education Agency's Financial Integrity Rating System of Texas, which grades each district in the state on its financial management and solvency. MISD also has an AA bond rating from S&P Global and an Aa2 rating from Moody's.
Purchasing Services, Budget win awards
The Purchasing Department recently won the Texas Association of School Boards Officials (TASBO) Purchasing Award for Merit, which recognizes Texas school districts that are committed to following professional standards in the acquisition of goods and services.
The department, led by Purchasing Director Haydee Peña, won the award in its first time applying, "which is incredibly rare," Dodds said. "This is a great tribute to what Purchasing Services and the warehouse are doing to follow guidelines for local, state and federal procurement regulations. The team has worked extremely hard, and this award demonstrates just how committed MISD is to following procurement regulations."
In February, the Budget Department was awarded the Pathway to the MBA (Meritorious Budget Award) from the Association of School Business Officials International. This recognition reflects the District's genuine commitment to fiscal integrity.
MISD receives more than $50,000 rebate
MISD received a more than $50,000 rebate from BuyBoard Texas, a purchasing cooperative. Using a co-op ensures the district is adhering to state and federal purchasing requirements. Plus, the district can buy goods that have already been bid out, granting the lowest price. "Not only do we save taxpayer money by purchasing goods that are already bid out, but there's a double savings because we get a rebate," Dodds said.
The rebate will go into the General Fund. "That's money that can be used for items such as teacher requests, technology purchases and even unplanned purchases in response to emergencies," Dodds said.
More information about the Office of Financial Services is available at midlandisd.net/finance.
Media Relations Contact:
Trevor Hawes
Communications Specialist