UTICA, N.Y. (WKTV) - The City of Utica says it will save more than $1 million after what they are calling a "very successful" bond refunding. Bond refunding is when a municipality refinances its outstanding bonds by issuing new bonds, often times in an effort to reduce interest on the bonds. Utica City Comptroller Michael Cerminaro says that the by refunding the 2004 and 2006 bonds, the city can save roughly $85,000 per year in interest payments, which equals out to roughly $1,131,076 over the life of the new bond, which ends in 2026. "...refunding of higher cost city debt is one of the successful ways that municipalities like Utica can take advantage of the low interest rate environment that currently exists, and thereby help reduce its overall debt service expense for its taxpayers," Cerminaro said in a press release.