Onida Asked to Issue Tax-Free Muni Bonds for Ethanol Plant
ONIDA, S.D. (AP) — The South Dakota Supreme Court last month removed the final obstacle for a $150 million ethanol plant in Sully County, but Ringneck Energy is still trying to raise the needed money.
The Capital Journal reports the company is now asking the city of Onida to issue $15 million to $20 million in tax-free municipal bonds so construction can begin in the spring.
Ringneck Energy CEO Walt Wendland says he's been traveling the region for the past year seeking investors to pitch in about $70 million, but that he's not there yet.
Last month the state Supreme Court denied an appeal by about a dozen Onida residents who oppose the plant's location just south of the city of 700. Opponents say it'll pose environmental and health hazards to them and the city.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.