ExxonMobil asks Will County to OK five‑year extensions on two 2001 revenue bond series

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 third‑party engineering review and said preliminary assessments indicate the facilities remain serviceable.

Two separate series were discussed: one series matures on April 1, 2026 (the transcript cites a request to extend to April 1, 2031) and the other matures on June 1, 2026 (with a requested extension to June 1, 2031). Amounts discussed in the meeting were $19,585,000 for the June series and $26,815,000 for the April series, both issued in 2001.

Exxon representatives and county bond counsel said the bonds are paid by Exxon Capital Ventures and guaranteed by ExxonMobil Corporation; presenters told the committee the county carries no liability if Exxon repays as agreed and that institutional investors and Bank of America (as remarketing agent) support an extension so long as bondholders consent.

Board members asked about mechanics (interest vs. principal payments during the extended period), who holds the bonds, and why county approval is required. County counsel explained the original state law financing structure required county involvement when the bonds were issued; county bond counsel is reviewing the request. Exxon said bondholders would continue to receive interest during the extended period and that principal repayment would be pushed back to 2031.

The executive committee voted to carry the resolution forward for the full county board; staff said final redlines and corrected language (for corporate names and dates) will be provided before the board vote.

Next steps: county bond counsel will complete review and staff will circulate finalized redline documents before the item reaches the full county board.