BATON ROUGE, La. (AP) - ExxonMobil Corp. will borrow up to $300 million through the federal Gulf Opportunity Zone Act to expand its Baton Rouge refinery and chemical plant.
The company received permission Thursday from the State Bond Commission to use the tax-exempt hurricane recovery bonds, which allow the business to borrow money more cheaply.
The GO Zone bond program was set up by Congress after hurricanes Katrina and Rita in 2005.
It gave Louisiana $7.8 billion in tax-free borrowing capacity to dole out to private business developments to help spur growth in 31 hurricane-impacted parishes.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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