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t—� <br />utQ <br />IZZ <br />C0 <br />Q <br />2 <br />1061 <br />FIRST NATIONAL BANK <br />O F B L U E I S L A N D <br />13057 S. WESTERN AVENUE • BLUE ISLAND, ILLINOIS 60406 • 385-2200 <br />IRREVOCABLE LETTER OF CREDIT <br />BENEFICIARY <br />Village of Elk Grove <br />901 Wellington Avenue <br />Elk Grove, Illinois 60007 <br />Gentlemen: <br />DATED: March 1, 1982 <br />LETTER OF CREDIT NUMBER: <br />1lIJ��i11lI��1 <br />Bianco Construction Company <br />1100 Industrial Drive <br />Bensenville, Illinois 60101 <br />We hereby issue in your favor this Irrevocable Letter of Credit for the sum not to exceed <br />$40,700.00 (Forty Thousand Seven Hundred and 00/100 Dollars) for the account of Bianco <br />Construction Company. <br />Funds under this credit are available by negotiation of your draft at sight drawn on <br />First National Bank of Blue Island at its office in Blue Island, Illinois in the name <br />of the Village of Elk Grove, an Illinois Municipal Corporation, Elk Grove, Illinois. <br />This Letter of Credit will expire on March 1, 1983. Draws under this Letter of Credit <br />are not permitted prior to January 1, 1983. <br />Drafts drawn under this credit must bear on their face the clause: Drawn under Irrevocable <br />Letter of Credit (a/c 14471 ) dated March 1, 1982, of First National Bank of Blue Island. <br />Further, each draft must be accompanied by a certified statement from the Village Manager, <br />Village of Elk Grove stating that "Bianco Construction Company has failed to complete all <br />public improvements remaining to be constructed including pavement, curbs, water mains, <br />sanitary sewers, storm sewers, street lights, parkway trees, sidewalks and surface course <br />for the entire Kent Street extension." <br />Drafts must be accompanied by this original Letter of Credit document together with any <br />documents hereunder for our endorsement of any payments extended by us. If any draft(s) <br />exhausts the Letter of Credit then this Letter of Credit document must be surrendered <br />concurrently with the presentation of such draft(s). <br />We hereby engage with drawers, endorsers and bona fide holders that the draft(s) drawn <br />under and in conformity with the terms of this credit will be duly honored upon <br />presentation. <br />Except in so far as otherwise expressly stated herein, this credit is subject to the <br />Uniform Customs and Practice for Documentary Credits (1974 Revision) International <br />Chamber of Commerce Publication No. 290. <br />FIRST NATIONAL BANK OF BLUE ISLAND <br />Authorized Signature <br />