The Catasauqua Area School District has decided to refinance an existing bond that will result in a savings to the district.

At a recent board meeting, Brad Remig of PFM, Harrisburg, presented bond refinancing options available to the district.

Such options include cashing out or refinancing an existing bond.

During the meeting, district Superintendent Robert Spengler told the board it was an appropriate time to consider options.

In an email to The Press last week, Spengler said the district has decided to refinance an existing bond in the amount of $7,385,000.

Refinancing, Spengler said, will result in a lower interest rate and a savings of $200,000 over the life of the bond.

"There is no extension of payments or additional borrowing involved, just simply refinancing the existing amount at a lower rate, thus resulting in savings," he said.

According to Remig, interest rates have been lower than past years.

"We [CASD] are well below historic numbers," Remig said. "We're a little bit better than the average."

The bond refinancing approval will take place at the March 4 board meeting.