ALEXANDRIA, La. (AP) — City attorney Chuck Johnson says debt refinancing will save Alexandria more than $1.65 million.

The Town Talk reports that the City Council approved the deal on Tuesday.

The city began the process of selling $10 million in limited tax bonds to refinance some city debt in August.

Mayor Jacques Roy says it was estimated then that the city would save about $1.4 million over 10 years by using a tax bond instead of a certificate of indebtedness.

Attorney Grant Schlueter, whose firm helped with the bond package, says it's probably one of the best refinancing deals he's ever seen, with a 17 percent savings.

The city expects to close the transaction on Oct. 3