View of the Empire State Building and lower Manhattan from...

View of the Empire State Building and lower Manhattan from the 90th story of One WTC. (Getty) Credit: View of the Empire State Building and lower Manhattan from the 90th story of One WTC. (Getty)

The city is taking advantage of historically low interest rates and speeding up various infrastructure upgrades in the five boroughs.

Mayor Michael Bloomberg, City Council Speaker Christine Quinn and City Comptroller John Liu announced Wednesday that the city would accelerate work on $1 billion worth of projects including road repair, waterfront fixes and school improvements.

The upgrades will take place over the next 20 months and save taxpayers more than $300 million because of low interest rates, Liu said.

"Put simply, this plan will deliver a much-needed shot in the arm to our city's economy," Liu said in a statement.

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