The Flathead Valley Community College Board of Trustees voted Monday night to refinance two series of bonds worth more than $15 million at a lower interest rate, saving taxpayers more than $750,000 in interest.

The board unanimously (with the exception of President Bob Nystuen, who abstained) voted to refinance the two series of bonds from 2.65 and 2.82 percent interest to 2.15 percent.

College President Jane Karas said the numbers made for an easy decision to refinance.

“We are projected to save over $750,000,” she said. “The interest rates have dropped so much.”

Glacier and First Interstate banks are the financial institutions through which the bonds are held. Nystuen is president of Glacier Bank, which prompted his abstention.

The bonds’ reduced interest rates will be passed on in lower public payments and will not be used in college expenses. The two series of bonds, approved by the public in 2002 and 2005, totaled $15.8 million.

“It’s like refinancing your house,” Karas said. “If mortgage rates go down and you refinance, you can save money. That’s essentially what’s happening here.”

Charles Jensen, the college’s vice president of Administration and Finance, said the net savings on the refinancing were likely to be between seven and eight percent.

The bonds were initially approved to fund several campus buildings: the Arts and Technology, Early Childhood Education and Occupational Trades buildings.

The refinancing likely will not be finalized until after the New Year.