Oxford saved a sizable amount of money Tuesday by refinancing old city debt taken out for a recreation project.

The Oxford City Council approved a resolution to refinance a 2006 $9.8 million bond for the Oxford Sports Complex. The move saved the city money by reducing the interest rate from more than 4 percent to 3.5 percent, said Andy Wade with the Montgomery investment bank Frazier Lanier Co.

“We saved the city approximately $300,000 by doing so,” Wade told the council.

The sports complex has been in varying states of on-again, off-again construction since the project began in 2006. Problems with the discovery of ancient Indian remains at the site, located across from the Oxford Exchange, stalled work on the complex for more than a year.

The council learned of more good news Tuesday with word that a previous tax abatement, originally intended to help an Oxford company create new jobs, created more new jobs than expected.

The council in January approved a 10-year tax abatement for FabArc Steel Supply, Inc. to help the company expand its existing steel beams and columns fabrication business and create new jobs. The abatement saved the company money by waiving state and local non-educational ad valorem taxes for the ten-year period.

“At the time it was estimated as a $4.9 million abatement for 28 new jobs,” said Council President Steven Waits. “And it turns out to be a $5.2 million investment but it wound up having 55 new jobs, which is a huge positive for the city.”

The council also approved a bid to buy new sprinkler heads for the greens of Oxford’s Cider Ridge Golf Club. The new heads will replace aging and damaged sprinkler heads, said Cider Ridge Golf Club Superintendent Chad Robinson.

“The greens are our most valuable asset at the gold course,” Robinson said. “It’s our selling point, and obviously water is our number one resource.”

Some of the old sprinkler heads are wasting water by failing to shut off automatically, Robinson said.

The city also received a letter recently from Cider Ridge’s director of golf, Casey Smith, announcing he would be leaving his position at the club. Applicants are currently being considered for Smith’s replacement.