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STOUT ANNOUNCES STATE FUNDING FOR GREENE
COUNTY
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Stout |
HARRISBURG,
June 30
–
State Sen. J. Barry Stout and Rep. Bill
DeWeese today announced the approval of a
$260 million, tax-exempt bond issue for
Allegheny Energy Supply Company, LLC, which
is located in Greene County.
“The bond for Allegheny Energy
will go towards a project to reduce harmful
emissions by 70
percent from 2005 levels as well as remove a
significant amount of
Mercury,”
said Stout (D-Washington/
Greene/Allegheny/Beaver/Westmoreland).
“It’s important to help Pennsylvania
companies become more environmentally
friendly so they are able to stay in the
area and provide their services while not
endangering local residents or the
environment.”
The bond will go towards costs
associated with constructing emissions
control facilities at the coal-fired
Hatfield Ferry Power Station in Monongahela.
Allegheny Energy owns and operates 20
fossil-fueled and hydroelectric power
plants. The company has annual revenue of
over $3 billion and has more than 4,000
employees. It’s anticipated that this
project will create 36 jobs.
The Greene County Industrial Development
Authority was the sponsoring local economic
development agency.
The Pennsylvania Economic Development
Financing Authority (PEDFA) approved the
bond issue. The program was established in
1987 through the Economic Development
Financing Law to provide access to
low-interest financing to businesses and
non-profit organizations through the
issuance of tax-exempt and taxable bonds.
The bonds can be used to finance land,
building, equipment, working capital, and
re-financings.
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