The city of Ventura has refinanced most of Ventura Water’s $104 million debt, resulting in nearly $16 million in savings that are expected to lower planned rate hikes for customers, city officials said.

Refinanced was $97.4 million of the debt total, said Michael Coon, the city’s finance and technology director.

The rate on the refinanced debt was lowered from 4.8% to 2.47%, resulting in the $15.95 million savings, he said.