ExxonMobil Corp. (NYSE:XOM) has received permission to tap into the bond program through the federal Gulf Opportunity Zone Act set up after hurricanes Rita and Katrina in 2005, from the Louisiana State Bond Commission.
The oil giant will borrow as much as $300 million to upgrade facilities located in Baton Rouge; a chemical plant and refinery.
Not only is the money borrowed less expensive, it is also tax-exempt.
Louisiana is able to borrow out $7.8 billion tax-free for the purpose of generating growth in the state.
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