The Anderson City Council Thursday approved refinancing bonds that paid for the new Anderson Police Department building in 2002 and made improvements on Martin Luther King Boulevard possible.

Over the remaining term of the two separate bond issues, Anderson will save nearly $1.2 million in interest charges, city officials said.

That means the city will save $90,000 annually, which will be rolled back into Redevelopment Commission funds, said City Controller Sam Pellegrino.

Bonds sold in 2002 for the $11.2 million police department carried an interest rate of between 4.5 and 5 percent. The city refinanced that bond issue at an interest rate of just over 2 percent.

Pellegrino said bonds sold for the Martin Luther King Boulevard improvements in 2002 carried a variable rate and were refinanced at a fixed rate of 1.9 percent.

He said city officials have been working on the refinancing plans since the summer. One goal was to work with local banks to give them the opportunity to participate “because they’re the folks that employ our people and pay taxes.”

Bond specialists with PNC Bank handled the transactions.

Find Stu Hirsch on Facebook and @StuHirsch on Twitter, or call 640-4861.

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