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Midway ISD board meeting is getting started with an update on the district's bonding capacity since McLennan County released certified tax rolls.
District financial advisor Victor Quiroga says with certified numbers property values for 2020 will grow by 6.34%, up from original estimate of 4.8%.
*adviser
With certified numbers, the assessed value of property within Midway ISD is $5 billion for 2020, at 6.345 annual growth, Quiroga said.
Under new numbers, Midway could raise $160 million in bond debt without raising the tax rate, up from $129 million with preliminary numbers, Quiroga says.
Pete Micus speaking to board now regarding item on bond proposal options. He is giving the board a history lesson on what previous Midway superintendents did regarding bonds. "We're using a push poll to gain momentum for this bond," he says.
He says a push poll creates a psychological narrative about the bond. "What moral initiative have we created in proposing this bond?"
Micus says passing this bond in this "real estate bubble" will collapse the bubble because Midway is growing so fast and property tax values have increased rapidly.
Board member Susan Vick says she is glad certified numbers would allow district to include all proposed bond projects in the overall bond package at price tag of $160 million.
Board vice president Tom Pagel says he'd like to pass along some tax relief to constituents by keeping bond package at $129 million, which would require postponing expanding high school locker room.
Trustees are discussing whether to include the high school CTE program expansion in the bond package or to exclude other projects and include the CTE program expansion. They seem set on not raising tax rate.
Board president Pete Rusek says he wants to call a bond election that will pass, but he doesn't know which option that would be.
Trustee Pam Watts says she would like to table bond election item so she has time to consider new options. The board is now discussing other dates before Aug. 19 to meet to call election. Aug. 19 is the deadline to call the election.
The board has decided not to consider the bond election item and instead meet Aug. 14 at 7 p.m. to again discuss the bond package.
