Things went even better than expected for the City of Troy during a bond refunding Thursday.

“The market was crazy good,” said Mayor Jimmy Lunsford shortly after hearing the news.

The city council voted at its regular June 12 meeting to allow financial advisor Rush Rice and Merchant Capital to refund a 2003 bond issue.

Without changing the bond’s expiration date, or payments, Rice and Merchant Capital had found a way to create a cash return for the city of about $746,000. That return grew on Wednesday.

“They were shocked,” Lunsford said. “They got started and all of a sudden they were able to get more than what they thought.”

Due to a good day at the market on Wednesday and the city’s solid credit, the cash return was $79,000 more than expected at $825,000.

“That’s great news, exciting news,” Lunsford said.

The original bond was used to renovate City Hall and build a new fire station, among other things. Lunsford said a portion of the newfound money would go toward an upcoming resurfacing project to include many areas of the city.