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Midway ISD reports $83.5 million in bond proceeds; finance director outlines spending and collection highlights
Summary
Finance director Wesley Brooks told the board the district received $83.5 million in bond proceeds, is holding the funds across several accounts, and reported tax collections at roughly 97.9% of the adjusted levy with about $1.1 million still outstanding as of end of March.
Wesley Brooks, the district's finance presenter at the Midway ISD board meeting, reported that the district received $83.5 million in bond proceeds last month and outlined where those funds are currently held.
"Last month we received bond proceeds of $83.5 million," Brooks said, and noted the proceeds are currently distributed across the Lonear investment pool, South State Bank (the district depository), and TFNB money-market accounts. He cautioned that because the bonds are tax-exempt the district is…
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