The Salt Lake City Board of Education Tuesday approved refinancing up to $9.8 million in bonds, a move expected to save the district more than $260,000 in interest.

The owner of a $100,000 home would save about 11 cents in annual property tax.The district will hold off on the refinance until the market allows for up to 3 percent interest savings, said Gary Harmer, business administrator for Salt Lake City School District. Interest on the 15-year bonds, issued in 1995, currently ranges from 5.7 percent to 6.25 percent.

"We're trying to take advantage of record-low interest rates," Harmer said. "But if the market doesn't give us the opportunity to do it, we won't do it."

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