LEWISTON – The city of Lewiston is postponing a $30 million municipal bond sale, citing continuing instability in the financial market.
Finance Director Richard Metivier said the bond sale scheduled for this month likely would be pushed back to December, when there’s more stability in the marketplace. Metivier said the city probably would pay higher interest rates if it went ahead with the sale now.
The bonds are to raise money for a new elementary school and other public improvements. Lewiston had planned to float the bonds Oct. 20.
The state of Maine has postponed a bond sale to raise capital for transportation projects, and other governments around the country have postponed, or are considering postponing, bond sales.
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