HomeMy WebLinkAboutRESOLUTION - 47-98 - 10/13/1998 - LOC RELEASE & ACCEPTRESOLUTION NO. 47-98
A RESOLUTION RELEASING IRREVOCABLE LETTER OF CREDIT NO. 50079807
BANKBOSTON, N.A. EXPIRING DECEMBER 31, 1998 IN THE AMOUNT OF
$20,000.00 (ACCEPTED BY RES. NO. 4-98) AND ACCEPTING IRREVOCABLE
STANDBY LETTER OF CREDIT NO. 3011948 BANK OF AMERICA NT&SA
EXPIRING DECEMBER 31, 1999 IN THE AMOUNT OF $20,000.00 TO INSURE
FAITHFUL PERFORMANCE BY GRANTEE MEDIA ONE OF NORTHERN ILLINOIS, INC.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois:
Section 1: That the President and Board of Trustees do hereby authorize the release of Irrevocable
Letter of Credit No. 50079807 (Accepted by Resolution No. 4-98) in the amount of $20,000.00 from
BankBoston, N.A.; said Letter of Credit expiring December 31, 1998.
Section 2: That the President and Board of Trustees do hereby authorize the acceptance of
Irrevocable Standby Letter of Credit No. 3011948 in the amount of $20,000.00, dated September 14,
1998, from Bank of America NT&SA to secure the obligations of Media One of Northern Illinois, Inc.
pursuant to the terms and provisions of that certain Franchise Agreement adopted by Resolution No. 13-
97. Said Letter of Credit expiring December 31, 1999.
Section 3: That this Resolution shall be in full force and effect from and after its passage and
approval according to law.
VOTE: AYES: 5 NAYS: 0 ABSENT: 1
PASSED this 13th day of October '1998.
APPROVED this 13th day of October '1998.
Craig B. Johnson
Village President
ATTEST:
'atricia S. Smith
Village Clerk
Loc59a.doc
lfl
Bank of America
PAGE: 1
DATE: SEPTEMBER 14, 1998
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3011948
APPLICANT REFERENCE NUMBER: MOIL07
BENEFICIARY APPLICANT
VILLAGE OF ELK GROVE MEDIAONE OF NORTHERN ILLINOIS, INC.
ATTN: ASSISTANT VILLAGE MANAGER 688 INDUSTRIAL DRIVE
901 WELLINGTON AVE ELMHURST, IL 60126
ELK GROVE, IL 60007
AMOUNT
USD 20,000.00
TWENTY THOUSAND AND 00/100'S US
DOLLARS
EXPIRATION
DECEMBER 31, 1999 AT OUR COUNTERS
WE HEREBY ESTABLISH IN YOUR FAVOR OUR IRREVOCABLE STANDBY LETTER OF
CREDIT NUMBER 3011948 WHICH IS AVAILABLE WITH BANK OF AMERICA NT & SA
BY PAYMENT AGAINST PRESENTATION OF THE ORIGINAL OF THIS LETTER OF
CREDIT AND YOUR DRAFTS AT SIGHT DRAWN ON BANK OF AMERICA NT & SA,
ACCOMPANIED BY THE DOCUMENTS DETAILED BELOW:
BENEFICIARY'S SIGNED STATEMENT CERTIFYING THAT MEDIAONE OF NORTHERN
ILLINOIS, INC. HAS FAILED TO COMPLY WITH THE TERMS AND CONDITIONS OF
THE FRANCHISE AGREEMENT WITH THE VILLAGE OF ELK GROVE.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED
AUTOMATICALLY EXTENDED FOR ONE YEAR FROM THE PRESENT OR ANY FUTURE
EXPIRATION DATE HEREOF, UNLESS WE NOTIFY YOU AT LEAST SIXTY (60) DAYS
PRIOR TO TO THE THEN CURRENT EXPIRATION DATE THAT WE ELECT NOT TO
EXTEND THIS LETTER OF CREDIT.
THIS LETTER OF CREDIT REPLACES BANK OF BOSTON LETTER OF CREDIT NUMBER
50079807 EFFECTIVE DECEMBER 31, 1998.
WE HEREBY ENGAGE WITH THE BENEFICIARY THAT DRAFTS DRAWN UNDER AND IN
COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT
WILL BE DULY HONORED UPON PRESENTATION, AS SPECIFIED HEREIN.
THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE
FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF
COMMERQE PUBLICATION NO. 500.
13RE9ULT
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ORIGINAL
Bonk of A srloa NTBSA TraBa Ogeratlons Cana, 5855
333 South Beaudq Avenue, 1M Flr., Lae Mgaea, CA 80017
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