John Vignone, the district's director of business administration, said the transaction was done on Sept. 13, when interest rates reached all-time lows.
Vignone worked with Public Financial Management and RBC Capital markets to put the transaction together. It included refunding the district's 2001 bonds, which amounted to $12.9 million.
"My great satisfaction comes in working this out for you folks," Vignone told the board.
Superintendent Richard Sniscak said the administration was able to strike at the right moment because of the board earlier approving parameters for the re-financing.
In a prepared release, Sniscak said, "The district's strong credit rating, a pro-active management team and Board of School Directors, and all-time low interest rates created the opportunity to provide the Parkland School District taxpaying community with this significant cost savings."