The Akron-Summit County Public Library will save even more money than expected by refinancing $27.7 million in debt remaining from its major building program, officials said Wednesday.The recently completed refinancing will save $2.6 million — as opposed to the initial $1.8 million to $2 million anticipated — because of favorable interest rates on various bonds.The library will pay 0.8 to 2.97 percent in interest, or an average of 2.57 percent, as opposed to the previous 4 to 5 percent.“Our board was optimistic that the refinancing would result in savings for the taxpayers, but $2.6 million exceeded our expectations,” said Bernie Rochford, president of the library board of trustees.The debt stems from an $80 million bond issue voters approved in 1997. It allowed the library system to build the downtown Akron library and 15 branch libraries.Underwritten by Stifel, Nicolaus & Co., the refinancing will result in a small savings in 2012, and then tax collections from 2013 through 2020 will be reduced by about $322,000 each year.“We were able to take advantage of current interest rates in a timely fashion, resulting in significant savings for taxpayers,” library director David Jennings said.The bond issue is separate from the library operating budget, and is unrelated to its property tax levy for operations.Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.