Members of the Troy University Board of Trustees passed a resolution Saturday at their meeting to refinance bonds that will fund, among other things, the construction of a new sports arena on campus and the renovation of Alumni Hall.

Board Chairman Dr. Doug Hawkins said the debt refinancing came at a crucial time, when interest rates were ideal.

“It was going to be quite a bit of savings,” he said. “It was a great opportunity to refinance the bonds so we can continue the fiscal plan for the university.”

Board members also passed a resolution to rename the General Academic Building in honor of Dr. Douglas Patterson, the former Senior Vice Chancellor of the university.

“It’s a great honor for him,” Assistant to the Chancellor Dave Barron said. “He’s done a lot for the university.”

The total amount of revenue bonds will fall somewhere between $37 million and $60 million, according to information from the summary of provisions on the Series 2010 Bond Resolution for the university.

The funds also will be applied to refunding outstanding general student fee revenue bonds from 1998, 2001, 2003, 2004, 2005 and 2007.