WENATCHEE — The Wenatchee School District will attempt to save taxpayers more than $1.2 million by refinancing the 2002 construction bond this month.

Interest rates dropped to an all-time low, 2.98 percent, in early October, said Annette Sommer, spokeswoman for a Seattle bond underwriter. The district’s interest rate is 5.28 percent. The bond matures in 2021.

After all the refinancing preparation and paperwork is finished, the next time the school district can refinance and sell those bonds is Oct. 26.

The district will refinance if it can save 5 percent — more than $1.2 million of its $22 million debt. If not, the plan to refinance will be shelved until interest rates drop back down. As of Tuesday, a new interest rate would save the district 4.5 percent.

Sommers has not calculated the new tax rate if the district refinances. She estimated that the average property owner may save a few cents per thousand, or about $20 a year.