The refinancing of bonds sold in 2003 to rebuild several elementary schools will save district taxpayers more than $9 million, according to the Renton School District.

The district has a “great credit rating” due to solid financial management and that combined with a strong local economy has resulted in the savings on nearly $70 million worth of school construction bonds issued in 2003, according to a district press release.

The term “strong local economy” is used by credit-rating companies to mean the “local economy is healthy and not in jeopardy of failing or bankruptcy,” according to district spokesperson Randy Matheson.

He pointed to the district’s involvement in the Renton Community Marketing Campaign as an example of how community organizations work together on economic development and why Renton’s economy is strong.

The 2003 bonds were used to rebuild Benson Hill, Kennydale, Hazelwood and Renton Park elementary schools and for smaller projects at other schools.

The district said the original interest rate on the bonds was more than 4.9 percent. Refinancing the bonds in mid-August at a predicted interest rate of about 2 percent will result in a savings of $9.09 million during 10 years, according to the district.

To get this lower interest rate the district had to have a good credit rating.

The Renton School District’s credit rating is AA-, which is one of the highest credit ratings issued by the international credit-rating company, Moody’s Investors Service.

For eight consecutive years, Renton School District has been recognized for outstanding financial management and reporting, receiving financial awards from the Association of School Business Officials International and the Government Finance Officers Association of the United States and Canada. The awards are among the highest form of recognition in governmental budgeting and reporting.

Renton School District took similar steps to refinance old debt in 1998 and 2003, saving millions of taxpayer dollars.