SLIPPERY ROCK TWP — The Slippery Rock School District is looking to refinance its bond service.

Paul Cessar, business manager, told the school board Monday the district could refinance now, invest and make payments to the bond holders in October 2014.

Cessar said that doing this would take advantage of the current low interest rates. He said interest rates will continue to rise.

“They’re ticking up,” Cessar said.

Cessar said the district would have a net savings of $60,000.

He asked the school board for permission to start the process of refinancing, which the board granted. He said the process would take about a month.

The bond initially was issued in 2004 and was last refinanced in 2009. The district has to pay it back by 2018.

The district still owes $6.47 million.