Washington saved 14% during a $978 million refunding bond sale on Tuesday — the largest refunding in the state’s history. The state treasurer’s office said it achieved more than $154 million in present-value savings from the debt refunding.

“This bond sale will lower general fund debt-service costs by more than $11 million this biennium to help close the budget gap,” state Treasurer James McIntire said in a statement. “This brings our total general fund savings in this biennium’s debt service costs to $31 million since the budget was adopted last spring.”

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