SLIPPERY ROCK TWP — The Slippery Rock School Board on Monday voted to refinance its bond service, saving $145,000.

Business manager Paul Cessar said that the refinancing will take place through NexTier Bank.

He said that the district will refinance now, invest and begin making payments to bond holders starting Oct. 1, 2014.

In August, Cessar told the board that refinancing now would allow the district to take advantage of low interest rates. He said rates would likely continue to rise.

The bond initially was issued in 2004 and was last refinanced in 2009. The district has to pay it back by 2018. Cessar said the refinancing will allow the district’s payments to be lower.

The district still owes about $6 million.