Washington saved $74 million this week by refunding more than $700 million of general obligation bonds in two competitive sales, officials said.

“Reducing debt service by more than $4 million for the 2011-2013 biennium is a significant savings for Washington,” Treasurer James McIntire said in a statement Tuesday. “By carefully monitoring our debt portfolio we were able to take advance of the current low-interest environment and reap the rewards of the call provisions on outstanding bonds.”

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