Strongsville officials, who recently refinanced debt on the Ehrnfelt Recreation Center to save $1.6 million in interest, are doing the same thing with library bonds to save about half that amount.

City Council voted last week to issue a $2.6 million note on the remaining library debt.

The city will get a .5 percent interest rate -- and with it the ability to pay off the debt five years early, saving an estimated $800,000.

Mayor Tom Perciak said he was leery about switching long-term debt for short-term, but said indicators show it's the wisest move.

""When you see where the market is going . . . we have some comfort in knowing the rates are going to stay low," Perciak said.

The city could refinance with long-term bonds, but the rate is now about 2 percent.

Instead, the city will roll over one-year notes until 2016.

Voters in 2000 approved about $7.2 million worth of bonds to build and equip the Strongsville Library. The city has been paying on the 20-year bonds for 10 years.

Earlier this month, the city refinanced its debt on the Ehrnfelt Recreation Center, trading in a 5 percent interest rate for 2.07 and saving $1.6 million over the next 10 years.