Falling interest rates in the bond market means Highline Public Schools will save taxpayers around $4.6 million on repayment of two construction bond measures passed in 2002 and 2006.

The school board authorized Sept. 26 the district’s finance team to refinance $40-$65 million of the bonds. The team will monitor the bond market and is expected to resell the bonds the week of Oct. 29, if the district can achieve at least a 5 percent savings.

Voters approved a $189.5 million construction bond at the March 12, 2002 election. A $148 million bond was subsequently passed in the March 14, 2006 election. With funds from the two bonds, the district has rebuilt most of its elementary schools and Mt. Rainier High in Des Moines.

District officials are hoping to pass a third bond measure to finance rebuilding or remodeling of the district’s middle and high schools. However, they have held off on proposing another bond because of the poor economy.