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Texarkana, Ark., Board of Directors agreed Monday to refinance the city’s pair of outstanding bonds, taking advantage of lower interest rates.

City Manager Harold Boldt estimates the move will result in an additional $2.3 million that will be used to push development of the Crossroads Business Park.

The city’s goal with the money is to complete McDonald Lane and Crossroads Parkway, roads that will cut through the retail district.

“Interest rates are lower and provide a unique opportunity for us to take lower rates and extended maturities and generate capital...