The Federal Way Public Schools board of education held a public hearing on the re-allocation of unspent bond funds on Feb. 24.

The board is expected to vote on an amending resolution on March 10 that would allow them to re-allocate $10 million from a 2007 voter-approved bond for the Federal Way High School rebuild.

Jeri Carlson, the business service director, told the board the district sold $139 million of bond authorization of the $149 million approved by voters eight years ago.

The bond was to rebuild Lakota Middle School and Lakeland, Sunnycrest, Valhalla and Panther Lake elementary schools.

In order to use the remaining funds for capital projects outside of the “RCW scope,” the board has to adopt an amendment to the resolution.

District spokeswoman Ann Cook said the public hearing was more of a formality, since the financing plans for Federal Way High School already included the unspent funds from the 2007 bond.

“The $10 million in savings was captured through good project management and efficiency,” Cook said.

The $106 million construction project also calls for $56 million from a six-year capital projects levy, $12 million from leftover districtwide state match funds that totaled $32 million, unspent 2007 bond money and $28 million in state match funds specifically meant for the Federal Way High School rebuild.

Cook said the district has not yet received the $28 million from the state.

Along with voting on that amendment at their next meeting, the school board will consider refinancing existing bonds already sold, which could save taxpayers a significant amount, Cook said.

The next school board meeting will be at 6 p.m. March 10 in the Federal Way City Hall Council Chambers.