Burien, WA– This week, Highline Public Schools refinanced bonds sold in 2007, resulting in a savings to taxpayers of more than $4.5 million over the next eleven years.

The savings will lower the amount of money that will be collected from taxpayers to pay off previously issued bonds. The dollars cannot be used for district expenses.

“This is a direct savings to our community members in the form of taxes they expected to pay, but will not have to pay,” said Superintendent Susan Enfield. “We take seriously our responsibility of being good stewards of taxpayer’s funds. We refinanced existing bonds because we hold ourselves to high standards of financial accountability.”

The board expected to get at least 5 percent savings by refinancing the bonds, but actual savings to taxpayers were close to 9 percent.

Highline constantly monitors the market and evaluates ways to save taxpayers money. In 2009, Highline refinanced 2002 bonds, resulting in a savings to taxpayers of more than $8 million.

The district’s positive bond ratings were confirmed last week by Moody’s (Aa3) and Standard & Poor’s (AA-). The ratings reflect the district’s satisfactory financial operations and its manageable debt levels.