LANSING - Refinancing the city's bonds has resulted in major savings, according to the mayor's office. In a statement sent to News 10 today, Mayor Bernero reports that refinancing "a series of municipal bonds will save the city nearly $5 million over the life of the bonds." The annual savings on the refinanced bonds are expected to range from $230,000 to $500,000. Mayor Bernero says the long term savings is nearly $1 million more that their earlier estimates. "Strong market conditions, the affirmation of our AA credit rating, and being upgraded to a stable outlook have delivered very positive results in the bond market, exceeding our expectations by nearly a million dollars," said the mayor in the written statement.