MUSCATINE, Iowa – The Muscatine County Board of Supervisors met for a special meeting Monday, adopting a resolution for $9.2 million for the Muscatine County Jail Expansion Project.

The resolution accepted a bid from the Morgan Keegan and Co. Inc. of Memphis.

Morgan Keegan and Co. Inc. is a brokerage, investment banking, and financial services company.

The $9.2 million is General Obligation Urban Renewal Bonds to fund the jail expansion and renovation project, which will provide location for 75 federal inmates.

 The winning bid included a true interest rate of 5.2108 percent but a taxable Build America Bond Credit lowers the realized interest rate to an actual 3.4291 percent, according to the press release.

The Build America Bond Credit is part of federal economic stimulus efforts available in 2009 and 2010.

The jail expansion project is expected to take 18 months. Some work has already begun on the site. County lead maintenance worker Stu Willits was chosen as the construction manager of the project, which is being done by the Durrant Group and general contractor Merit Construction.