The Coupeville School District refinanced its bonds this week to take advantage of lower interest rates. The refinancing will save Central Whidbey property owners more than $840,000 over the next 11 years.

Coupeville School District superintendent Patty Page said in a news release that the savings will benefit taxpayers through reduced levies and are not available for district expenses.

The district accomplished the saving by issuing $14,865,000 in refunding bonds on Sept. 19. The district has been monitoring the bond market conditions. Interest rates average 2.36 percent on the new bonds, compared to 5.05 percent on the old bonds.

Voters approved bonds in 2004 that paid for construction of a new high school. The bonds are scheduled to be paid off in 2022.