The City of Lewiston is postponing a $30 million municipal bond sale, citing continuing instability in the financial market.

Finance Director Richard Metivier says the bond sale scheduled for this month will likely be pushed back to December, when there's more stability in the marketplace. Metivier says the city would probably 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.