Here in Dallas, Richland Community College goes one better. It has obtained a charter as a high school. For juniors and seniors it offers a curriculum of college courses for dual credit and, upon completion, confers an HS diploma. If the student applies himself and required no developmental courses (ie, remedial courses to make up for the deficiency of his high school education) he'll get an AA also. Since it's a charter school, it's entirely funded by the school districts, so tuition, books and fees are "free" to the parents. Coursework is college level, so it's intellectually challenging and there's less busy-work and time-wasting than in traditional high school.
We have the same thing, it's called a "Collegiate High School"...however, there were requirements we didn't meet (because of being homeschooled, i.e. having taken the state public school high school testing, etc.) He still had to take the College Placement Test to qualify for dual credit, but not the FCAT (which is the state test.)
The dual credit suited us fine because with the Collegiate High School the student has to stay there all day, as in a regular school,but with just dual enrolling as a homeschooled student, you only have to be on campus for college classes.
http://www.spcollege.edu/spchs/admissions.htm