Highline Public Schools has refinanced 2002 bonds, resulting in a savings to taxpayers of more than $8 million over the next five years.

The savings flow directly to taxpayers through reduced tax levies. 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," says Superintendent John Welch.

The district was able to exceed its savings target because of recent low interest rates. Interest rates averaged 6.31 percent on the new bonds compared to 5.33 percent on the old debt.

After the refinance, Moody's Investment Services reaffirmed the district's Aa3 bond rating on the district's outstanding debt.

The rating reflects the district's satisfactory financial operations and its manageable debt levels. The district has a AA- rating from Standard and Poor's.

The Highline School Board approved the issuance of refunding bonds at its Dec. 9 meeting. The original bonds funded the replacement of ten aging schools, which opened beginning in 2004.