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JEFFERSON CITY, Mo. (AP) -- Missouri officials are moving ahead with a plan to refinance the state's debt.

A July 7 state board meeting has been scheduled to accept bids on a refinancing plan that is projected to save $15 million over the next couple of decades.

The plan is similar to refinancing a home loan from a 30-year to a 20-year mortgage. The state will save on interest by paying off the bonds faster. Missouri's plan also would help the budget in the short-term.

The plan is projected to save more than $38 million in the fiscal year that starts July 1, and more than $4 million the next year. Those savings would be partially offset by higher repayment amounts in the subsequent 11 years.