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Indiana County Backs $1.3B Fertilizer Plant Financ...
Indiana County Backs $1.3B Fertilizer Plant Financing
Created by kblakeslee on 6/20/2013 12:53:26 PM
MOUNT VERNON, Ind. (AP) _ A southwestern Indiana county is issuing $1.3 billion in bonds for a fertilizer plant being developed by a Pakistan-based group after Gov. Mike Pence pulled state support.
The Posey County Council voted unanimously Wednesday in favor of the financing plan for the project planned in the county west of Evansville.
Pence withdrew the state's incentives offer for the plant because fertilizer made by Pakistan-based parent company Fatima Group was used in bombs in Afghanistan that have killed American troops.
The Evansville Courier & Press reports company attorney Tom Campbell said the facility will produce urea ammonium nitrate, which is a fertilizer not used in explosives.
County officials say the plant developers are responsible for repaying the bonds. The plant is expected to have about 300 workers.
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