The Kent School District has refunded bonds approved in 2003, which is expected to save taxpayers approximately $1.3 million in interest payments.

On March 7, the District refinanced $14.6 million of Unlimited Tax General Obligation Bonds, Series 2003.

The bonds were sold through a competitive bid process with nine bids being received.

After a review and analysis of the submitted bids, the district’s chief business officer, Dr. Richard Stedry, awarded the winning bid for the sale of the bonds to Morgan Stanley and Co.