With interest rates at the lowest they've been in awhile, the city of Woburn has taken advantage and refinanced one of its largest bonds.

According to Mayor Scott Galvin, the city refinanced a $7.8 million, 13-year bond that is funding a portion of several projects, including water and sewer work and construction costs associated with the Reeves and Shamrock elementary schools.

Robert W. Baird delivered the winning bid for the refinancing, offering the city an average interest rate of 2.04 percent. There were two other competitive bids. The new interest rate will save the city $465,765 in savings over the remaining life of the bond, according to the mayor.

Mayor Galvin said historically low interest rates, the city’s financial diligence and successful collaborative work with the city auditor’s and treasurer’s offices paid off and will benefit Woburn residents for years to come.

“I am pleased our vigilance and conservative financial practices placed the city in a position to save a significant amount of money for our taxpayers,” said Mayor Galvin. “We will continue to aggressively pursue these types of opportunities—aimed at saving taxpayers money and further strengthening the City’s financial position.”

Woburn currently has a Aa2 credit rating from Moody’s Investors Service. This is a "strong" rating, according to Mayor Galvin.