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Buffalo will save $14 million from refinancing school bonds, City Comptroller Mark J.F. Schroeder announced Friday.

The bonds, which were sold in 2001 and had an interest rate of 5.23 percent, were refinanced and now have an interest rate of 3.08 percent, Schroeder said.

The refinancing will save $737,000 annually until 2031.

A refinancing of 2002 school bonds earlier this month saved $6.6 million.