Two bonds purchased by Butler County Community College in 2012 will be refinanced, and the savings will go toward maintaining the campus.

Scott Shearer, managing director at PMF Group, told the county commissioners at their Wednesday meeting that the action is being taken to reduce the interest rates.

He said the college will save about $135,000 by refinancing the bonds, which have $3.5 million and $2.5 million outstanding balances, respectively.

“That's about 2 percent of the amount we're refinancing,” Shearer said.

He explained that state requirements prevent bond refinancing unless there will be a 2 percent savings.

Shearer said the bond term is not being extended and will follow the same structure.

“We're just going to a lower interest rate,” he said.

Jim Hrabosky, vice president of administration and finance at BC3, told the commissioners the savings would be put toward a $350,000 expense for roofing repair among six buildings at the college.

Hrabosky said the repairs have been ongoing and about half the work has been completed. The project might need to be finished in the spring, he said.

The college saw a late start on the roofing project due to permitting required by Butler Township.

Commissioner Kim Geyer said the roofing project was included in the school's 2019-20 budget.