Refinancing a water and sewer bond intended to save the city of Hurley about $2.1 million was approved by the city council earlier in the week. The new interest rate for the bond is almost half of the four water and sewer bonds , and even with the bond insurance fee of $200,000, the city sees considerable savings. The bonds mature on September 1, 2011, and at that point the city will again determine if the need to reissue bonds is present.