XENIA — Xenia Community Schools saved taxpayers nearly $3 million after refinancing four outstanding bonds this week.

Two of the bonds were used to build the current elementary school buildings, while the other two funded energy conservation and permanent improvement projects throughout the district. The total savings over the next 19 years is $2,778,862.

“As a district, we strive to manage our resources wisely, and be good stewards of the funds entrusted to us to support the education of our students,” Treasurer Carolyn Huber said in a release. “We were incredibly pleased to be able to take advantage of a market trend like this one to save our community each year, but also reduce the payoff by a full year.”

The district began the process in March, but it was delayed due to instability in the market due to COVID-19. Although students of all ages have benefited from these bonds for nearly a decade, the savings generated by refunding the bonds will reduce the amount of taxes that XCS residents and businesses pay each year moving forward, according to district officials.

The 2020 bond refinancing is part of an ongoing district strategy to reduce taxes by taking advantage of shifts in the market. The 2010 Build America Bonds, which funded the elementary buildings, were previously refunded in 2014 for a savings of $655,858, according to the district.