Sharon school directors are hoping to save a chunk of money by refinancing two bonds at a lower interest rate.

James Wolf, business manager, told directors Monday they could save about $230,000 by refinancing $9.25 million. He said the exact savings will depend on the interest rate at the time of the refinancing.

The board appointed RBC Dain Rauscher as the investment banker and Thorp Reed & Armstrong as bond counsel . The Pittsburgh companies have both handled bond refinancing for the district in the past. They will investigate the feasibility and benefit of refunding the bonds, prepare all of the paperwork and solicit proposals for bond insurance.

Bonds are long-term debts public entities incur when they borrow money from investors for major projects such as building renovations. The district will be refinancing bonds from 1998 and 1999.

Board President Melvin Bandzak said interest rates have been down since the spring and Wolf and the board should have discussed the refinancing months ago. He said in the future everyone should look ahead several months.

In July Bandzak asked Wolf for more bids from banks on the refinancing to ensure the district gets the best deal. Wolf said the district would save less in the long run because it would take months to get new bids.

Last month Wolf predicted the district would save more than $400,000 by moving ahead with the refinancing right away. Directors formed a committee to review the bond refinancing.