Bids on Blaine County's $10.46 million jail bond will be received, rejected or accepted on April 17, with the closing transaction set for May 2, 2007, according to a schedule update by the county on March 2 and presented to the county commissioners on Tuesday.
Last week, the Blaine County Commission opted to pursue a competitive sale of the bond, meaning the bond will be sold on a specific date, rather than over a period of time, as would be the case with a negotiated sale.
In a competitive sale, bidders will bid to buy all of the bonds at a certain price and interest rate, with the winning bidder coming in with the lowest true interest cost.
In a negotiated sale, the bidder is pre-selected by the county, and the bonds are sold over a period of time.
The advantage of a competitive sale is that the county can be certain it achieved the lowest possible interest rate on the day and time the bonds were sold.
Blaine County Commission Chair Tom Bowman said the decision to pursue a competitive sale was made in the "interest of taxpayers" because the county could get a lower interest rate.
Notice of the sale will be delivered to local newspapers on March 23.
Municipal bond interest rates are among the lowest they have been in the last 10 years, and are expected to remain in the neighborhood of 4.10 to 4.15 percent over the next couple of months.