Midway ISD has successfully priced its $83.5 million bond with a 3.75% interest rate, securing favorable financing to move forward with projects approved by voters in 2025.
“This is an important milestone,” Superintendent Dr. Chris Allen said. “Securing financing in the 3% range in today’s market positions Midway ISD to deliver on the improvements our community supported in a financially responsible manner. Our focus now is execution — completing these projects responsibly and transparently for Midway students and families.”
Because current interest rates are higher than those on some of the district’s existing bonds, Midway ISD evaluated multiple financing strategies to minimize long-term costs.
Rather than using excess Interest & Sinking (I&S) tax collections to pay off older, lower-rate debt early, the district will apply those funds toward an early principal payment on the new 2026 bond issue this August. This approach lowers the total interest owed over the life of the bond and maximizes long-term value for taxpayers.
“By redirecting the defeasance funds, the District reduced the Series 2026 bonds' interest cost by $1.3 million,” said Victor Quiroga, Jr. of Specialized Public Finance, the district’s financial advisor.
The Unlimited Tax School Building Bonds, Series 2026 were priced amid current market conditions and will officially close on March 18, 2026, when the district receives the bond proceeds and funding becomes available for project implementation.
“We were able to secure competitive financing while also identifying an opportunity to reduce long-term interest costs,” said Assistant Superintendent of Finance Wesley Brooks. “It’s a smart financial decision that positions Midway to deliver on voter-approved projects responsibly and efficiently.”
Allen said the strategy reflects the district’s continued commitment to stewardship.
“Responsible financial management doesn’t stop once a bond passes,” he said. “We are intentional about every decision so we can maximize value for our community.”
With pricing complete and closing scheduled for March 18, the district will proceed with bond projects according to the established timeline.
