The city will be saving $465,765 as a result of refinancing a $7.8 million bond over the remaining 13 years of the 20-year note. The city received three competitive bids for the refinancing from bond underwriters, and Robert W. Baird Co. delivered the winning bid with an interest rate of 2.04 percent averaged over the 13 years. The bond provided a portion of the funding for several city projects, including water and sewer work and the construction of new Reeves and Shamrock elementary schools. Mayor Scott D. Galvin said in a statement that the city was helped in the refinancing effort by historically low interest rates and favorable bond ratings he attributed to diligent financial management.