About $2 million will be saved by Southwestern Michigan College’s refinancing of a 2008 bond this week. SMC tells us it’s gotten the interest rate on the $14 million bond down about 2% with the move. As a result, the college will save about $85,000 a year. SMC took out the bond to pay for the construction of McKenzie Residence Hall. Its bond underwriter says the leadership should be commended for taking action to refinance.