The city will save $3 million on a refunding of $15,410,000 of general obligation bonds.
The city is also issuing $8.2 million in new bonds for various projects.
Daisy Madison, city chief finance officer, said there were 12 interested parties and an interest rate of 2.13 percent was secured.
She said, "We achieved a 16 percent savings. You don't come by those everyday. The market is good."
The winning bidder was SunTrust Robinson Humphrey.
Ms. Madison said, "Their headquarters is not here, but SunTrust is sort of like a hometown bank."
The sale was Tuesday morning, and the City Council approved the sale at a special meeting at 1 p.m.