State officials O.K. funds for Stockton biodiesel plant
California government officials Thursday approved $8 million in tax-free bond funds to help underwrite the construction of a biodiesel plant at the Port of Stockton.
The financing is intended to help Encinitas-based American Biodiesel Inc. begin construction on the plant in April. The firm plans to sell its fuel to the port and to wholesale distributors.
In approving the funds Tuesday, State Treasurer Bill Lockyear cited the potential environmental and economic benefits from the project, including reduced emissions, more jobs and add business tax revenue to the state economy.
Lockyear approved the bonds in his role as chair of the California Industrial Development Financing Advisory Commission.
The Stockton plant is scheduled to begin production in early 2008, with plans to create more than 7.5 million gallons of biodiesel per year.
State officials O.K. funds for Stockton biodiesel plant
