The Fallbrook Public Utility District will be refinancing its debt for the wastewater treatment plant.

A 5-0 FPUD board vote, Aug. 24, approved the development of a financing plan and debt documents. FPUD expects to reduce its payments by $1.1 million over a 15-year period, or approximately $73,000 annually.

“With the current low interest rate environment, we had the opportunity to save a substantial amount of money,” Jack Bebee, FPUD general manager, said.