In May, IMTT obtained preliminary authority to issue up to $250 million in bonds from the Louisiana Public Facilities Authority.

Additional approval is needed from the State Bond Commission, which meets on June 17.

At a Thursday meeting of the Ascension Economic Development Corp., chief executive Mike Eades told his board that Geismar could receive more than half the bond investment planned for the International-Matex terminals.

But the final size of the investment hasn’t been set.

IMTT already has tapped the post-Katrina Gulf Opportunity Zone program, and because the state has set a GO Zone limit of $300 million per applicant, the State Bond Commission could limit IMTT to $85 million in the latest round, said Ray Cornelius, the Adams and Reese LLP bond counsel for the company.

However, the bond commission has waived the rule for others, he said.

IMTT officials couldn’t be reached for comment on the project Friday, but Cornelius said some new jobs are expected with the proposed investment. The Geismar site has 34 tanks with a capacity of 850,000 barrels, and the St. Rose site has 170 tanks with a combined 11.4 million-barrel capacity, according to IMTT’s website.

GO Zone bonds, which must be used by the end of the year, allow companies to realize an interest-rate savings that currently is about 1.5 percentage points, compared with conventional financing, Cornelius said.

The International-Matex bonds could be issued by early fall, if preliminary and final approval from the State Bond Commission is granted.