MONROE, La. (AP) — The city of Monroe has saved roughly $6 million over the past year by refinancing several series of bonds.

During this week's city council meeting, The New-Star reports the council approved two resolutions to refund bonds dealing with infrastructure improvements along the Interstate 20 business corridor and Tower Drive economic development area.

The refinancing is expected to save the city an additional several hundred thousand each year.

The city pays roughly $975,000 annually on the outstanding debt incurred from issuing some $11 million in bonds to tackle that project.

The bonds mature in 2025.