ALGONQUIN – The village is going forward with a plan expected to save the town about $600,000 by refinancing general obligation bonds.

Village Board members have endorsed a plan to refinance bonds taken out in 2005 to pay for a $9 million expansion of the sewer plant. The village still owes $6.6 million on the bonds, and refinancing is expected to save about $600,000 in interest over the life of the bonds.

Current rates on the municipal bonds range from 3.9 percent to 4.15 percent, the village said in a news release. Financial advisers estimated the village could receive interest rates that range from 0.75 percent to 2.5 percent, based on the current municipal bond markets.