Butler County Community College should save about $150,000 when it refinances two bond series, which will go toward the completion of a renovation project at the Cranberry Township campus.

Scott Shearer of PFM Financial Advisors explained to the county commissioners at their Wednesday meeting that the college's finance team has been exploring — for about nine months — a possible refinancing of a pair of bonds issued in 2011.

The savings would be gained through a lower interest rate, Shearer said. Neither the bond amounts nor their final maturity dates would change, he said.

A $6 million bond, which will reach maturity in July 2029, has an existing interest rate of 3.10 to 4.45 percent.

A $1.4 million bond, with a maturity date of July 2020, carries an interest rate of 3.10 to 3.25 percent.

Shearer said he would only pursue the refinancing if the minimum savings is at least 2 percent of the bond amounts.

Jim Hrabosky, BC3's vice president of finance and administration, told the commissioners that the college's Cranberry campus is in the midst of a renovation project.

He said the college received $400,000 in state assistance for the $1 million renovation and needs about $150,000 to finish up the project. The money would be used to buy computer equipment, furniture and other items.

“We want to go to market with the bonds and use the proceeds to pay for the project,” Hrabosky said.

Shearer said while the interest rates have fluctuated significantly in the past year, including to a level that would have provided no savings to the college, they have stabilized in recent months.

“We are now at an opportune time to move forward as long as the savings are still there,” Shearer said.

If all goes as planned, the closing date should occur in late October, he said.

Commissioners unanimously approved the refinancing.