Planning on refinancing your home at a lower interest rate to save some money? You're not the only one.

The West Jordan City Council last week approved a $6 million plan to refinance its "home" and save taxpayers about $300,000 over the next 15 years.But city officials are going to wait for a favorable drop in interest rates before they proceed with a lease revenue bond issue that will refund the bonds sold in 1992 to build City Hall.

Council members unanimously accepted a resolution outlining a plan to sell up to $6 million in new lease revenue bonds that will cash out the old bonds and pay the costs of the new issue.

Over the past four years, the city has made $675,000 in principal payments on the $5.48 million in bonds issued in 1992.

David Sanderson, city finance director, said the refunding bond issue is intended "purely to save money" and will not yield revenue for other city purposes.

If the city gets the favorable rate it anticipates, Sanderson said West Jordan will save about $20,000 annually over the 15-year life of the bond issue.

City officials decided to make the move after a steady decline in the interest rate on tax-exempt bonds made the refunding plan financially attractive.

But Sanderson said because of a couple of recent increases in interest rates, it now make more sense to wait until interest drops again.

Noting that rates are dropping again, the finance director predicted interest will be low enough in about a month to press forward with the refunding bond.

"We'll bring it back (to the council) when the rates go up," Sanderson added.

A tentative timetable provide to the council projects the bonds will be marketed March 13 and sold March 16, with the closing projected for April 2.