- Associated Press - Thursday, March 5, 2015

SOUTHFIELD, Mich. (AP) - The city of Southfield says it has saved nearly $4 million over the next 15 years by refinancing library bonds.

Library Building Authority refunding bonds for 2015 were sold for just over $21.7 million to refinance bonds related to the original construction of the building on Evergreen Road, north of Detroit.

The bonds were refinanced at an average lower interest rate of 2.86 percent. The original rate was 5.04 percent.

Treasurer Irv Lowenberg says Southfield was “able to take advantage of the historic low interest rates and the city’s great credit rating.”

He says in a release that a rating service affirmed Southfield’s underlying bond ratings of AA.

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