Hermitage School District is refinancing two bond issues to take advantage of lower interest rates.

The refinancing, approved by the board May 29, will save the district about $500,000 over the life of the bonds, with more than half of the savings coming in the first four years, officials said.

The district will refund 1998 and 2001 bond issues and issue new bonds.

The 1998 bonds, issued for the beginning of the high school renovation project and the refinancing of an earlier bond issue, will be refunded and reissued in the amount of $2,065,000, said Lisa Chiesa, partner in the law firm of Thorp Reed and Armstrong of Pittsburgh, the district's bond counsel.