The Seneca Valley School District expects to save about $400,000 by refinancing a 2003 bond issue.
School board members approved the resolution to refinance the nearly $9 million in debt during Monday's meeting.
Lynn Burtner, district business administrator, said the current interest rate on the bond issue varies from 3 to 4 percent. Refinancing it will put the interest rate at less than 1 percent, she said.
The district will save money by paying the lower amount of interest on the loan which will be paid off in about seven years, she said.
According to Ms. Burtner, the district could be locked into the new interest rate by April and the refinancing of the bond is expected to take place in July.
Laure Cioffi, freelance writer: firstname.lastname@example.org