KOKOMO, Ind. (WOWO): The City of Kokomo will save $350,000 when it refinances its sewer works revenue bonds at a lower rate. The sewer bonds were originally issued in 2005 at rates averaging 4.3%. The new interest rate will be 2.5%. The Kokomo Common Council is expected to consider refinancing the bonds at a lower interest rate. The bond interest savings will be realized at about $35,000 per year over the next ten years.