Panther Valley School District will save approximately $40,000 next fiscal year thanks to low interest rates.

The school board voted last week to refinance $7.4 million worth bonds that were issued in 2012, taking advantage of interest rates that continue to sit below average.In all, the refinancing will save the district $132,914.Board member Irene Genther wanted to know the fees involved with the process.Jens Damgaard, the attorney who represented the district in the bond sale, said there were $44,750 in fees, which is counted in the overall savings.Of that, a total of $21,000 went to attorneys working for the school district.The board also:• Approved a one-year contract extension with Eastern Janitorial Services, with no cost increase.• Approved Pamela Hoppes as a long-term substitute special education teacher at Panther Valley Elementary, at a salary of $35,285 (prorated).• Approved Allison Tenaglia as a homebound instructor at a cost of $30 an hour.