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ExxonMobil asks Will County to OK five‑year extensions on two 2001 revenue bond series
Summary
ExxonMobil representatives asked the Will County executive committee to authorize amendments allowing two environmental‑facilities revenue bond series issued in 2001 to be extended by five years to 2031; presenters said bonds are repaid by Exxon Capital Ventures and guaranteed by ExxonMobil Corporation and that the county bears no liability.
Representatives for ExxonMobil explained two series of environmental facilities revenue bonds issued in 2001 whose maturities fall in 2026 and asked the executive committee to authorize a county resolution permitting each series to extend its maturity dates by five years under federal tax code provisions.
An Exxon representative summarized the company’s request: federal tax rules allow the borrower to extend maturity dates for five years without triggering bond reissuance if the facilities retain useful life. The company is obtaining a…
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