Will Utah Bail Out Coal Port in CA?
Last week, an attorney for the bankrupt proponents of an Oakland coal port told a judge they were counting on a $20 million infusion from the Utah Legislature to keep the project from collapsing.
The money dedicated to the port project came from Community Impact Funds, which is cash paid by the coal, oil and gas companies to mitigate the impacts of the extractive industries. The fund has traditionally been used for things like upgrading roads or sewer systems, erecting buildings or recreation facilities — efforts that benefit the community.
This week on August 20, 2020, the Utah Legislature votes on whether to advance state money .
At least that’s what lawyer Andrew Stosberg told a Kentucky bankruptcy judge Friday in asking to delay Tuesday’s hearing on Insight’s contested reorganization plan. Insight is completely dependent on a $53 million investment from four Utah coal-producing counties to move forward on the rail-to-ship terminal that would help deliver up to 11 million tons of coal a year to Japanese utilities.