The Lansing City Council voted to approve a plan to refinance some of the city's bonds Monday night. Mayor Virg Bernero introduced the idea last week, saying it would save the city around $4 million dollars over the life of the bonds. The process is similar to what homeowners go through when they refinance their mortgages. They were issued to pay for things like golf courses and parking ramps. Council member Carol Wood tells wilx.com the city will look into refinancing other bonds as it tries to fix its long-term financial situation.
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