And you thought you got a good deal on a refinance; the City of Bend is restructuring some debt and saving $2.5 million. In fact, on some bonds the City reduced its rate from 5% to 1.5%. Finance Director Sonia Andrews says the City will continue to take advantage of low rates in the future. "And the savings is through the life of the debt. So for example the police station debt,we're able to reduce the annual payments to about $63,000 year." And that adds up to almost a million dollars over the life of the loan. In that example the city's rate went from 4.96% to 2.60%.