The Midway ISD Board of Trustees approved the financing plan for the voter-approved $83.5 million 2025 bond program during the December board meeting, outlining next steps for funding districtwide facility improvements while maintaining a strong commitment to fiscal responsibility.
“Our goal has consistently been to meet facility needs while protecting taxpayers,” said Assistant Superintendent of Finance Wesley Brooks. “Through careful planning and timely refinancing, we’ve been able to reduce long-term costs while continuing to invest in our schools.”
The plan includes a fixed-rate structure with a 25-year repayment term and a negotiated sale method. District officials anticipate entering the bond market in February 2026, with the transaction expected to close in March 2026. Importantly, the plan maintains a 0-cent impact to the district’s interest and sinking (I&S) tax rate.
"Midway ISD has done a phenomenal job being prudent with taxpayer dollars," Victor Quiroga Jr., Managing Director for Specialized Public Finance, Inc., said. "Many districts can't afford to finance bonds if they can't do it beyond 30 years and Midway traditionally pays its bonds off in 20."
District leaders highlighted the Board’s long-standing approach to strategic debt management.
“Since 2015, refinancing efforts and early bond payoffs have generated more than $11.6 million in interest savings for taxpayers, including $14 million in principal paid off early since 2019,” Brooks said. “Additionally, all district bonds carry the state’s highest “AAA” rating, reflecting our financial standing and creditworthiness.”
The presentation also shared an overview of Midway ISD’s current debt profile, which includes $146.15 million in outstanding debt across six bond issues with maturities extending through 2040.
The Board’s approval sets the stage for a future action item authorizing district leadership to move forward with issuing bonds at an optimal time to secure the best possible interest rates, ensuring responsible stewardship of public funds while advancing critical facility projects. View the full Bond 2025 Financing Plan presentation.
