COUNTY RECEIVES SIX BIDS ON JAIL BONDS

JACKSON -- The Cape Girardeau County Commission received six bids from investment bankers to market bonds for the upcoming county jail expansion.

The bids were opened Thursday and referred to the county's bond attorney, Mark Grimm, and the jail finance committee for review.

Presiding Commissioner Gerald Jones expects a recommendation in about two weeks.

The jail expansion is expected to cost about $5 million, and the county will finance bonds without asking voters for a tax increase.

Jones said money is currently invested at about 6 percent. The county may be able to borrow money through bonds at a lower interest rate.

"It only makes sense then to borrow the money," he said. "But we haven't made any commitments yet. We're looking for the best deal."

Submitting bids were Edward Jones, NationsBank, A.G. Edwards, George K. Baum and Co. from Kansas City, Stifel, Nicolaus and Co., Inc., from St. Louis, and a combined proposal from Union Planters and Mercantile banks with Stern Brothers and Co.