Camas, Wash., school bond refinance saves millions

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VANCOUVER, Wash. (AP) -- A small school district in southwest Washington has saved taxpayers millions of dollars by refinancing its school bonds.

The Columbian (http://is.gd/9MIA9r) reports the Camas School District will save $2.2 million over the next six years by refinancing decade-old bonds.

District officials say the savings will go to taxpayers, in the form of reduced tax levies.

The Camas school board achieved the savings by approving the issuance of nearly $22 million in refunding bonds last week. Officials say interest rates average 1.42 percent on the new bonds compared to 5 percent on the old debt.

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Information from: The Columbian, http://www.columbian.com