HomeMy WebLinkAboutRESOLUTION - 43-96 - 8/13/1996 - LOC AMEND EXPIRATION DATERESOLUTION NO. 43-96
A RESOLUTION AMENDING THE EXPIRATION DATE OF IRREVOCABLE
LETTER OF CREDIT NO. 00373154 (ACCEPTED BY RES. NO. 76-84,
AMENDED BY RES. NO. 50-91, RES. NO. 65-93 AND RES.64-95)
FROM FIRST CHICAGO BANK IN THE AMOUNT OF $10,000.00 TO
INSURE FAITHFUL PERFORMANCE BY GRANTEE, CONTINENTAL
CABLEVISICN OF NORTHERN COOK COUNTY EXPIRING March 22, 1997
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 acceptance of an amen-:Inent to the expiration date of
Irrevocable Letter of Credit No. 00373154 from First Chicago Bank, in the
amount of $10,000.00 previously accepted by Resolution No. 76-84 and
amended by Resolution No. 50-91, Resolution No. 65-93 and Resolution No.
64-95 to insure the faithful perfomnence by grantee, Continental
Cablevision of Northern Cook County, of all provisions of the franchise
agreement. Said Letter of Credit expiring March 22,1997.
Section 2: 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:
0
PASSED this
13th
day of
August
, 1996.
APPROVED this
13th
day of
Aueust
, 1996.
James P. Petri
Village President Pro tem
WUNOW
Patricia S. Smith
Village Clerk
OFIRSPCHICAGO TPADE FINANCE
The First National Bank of Chicago ONE NORTH DEARBG . - 9TH FLOOR, MAIL SUITE 0812
CHICAGO, ILLINOIS 60670-0812 U.S.A.
Telex: TRT 190201 FNBC UT Swift Address: FNBCUS44
ITT 4330253 FNBCUI FAX: (312) 407-1065
TEL: (312) 407-3843
STANDBY CREDIT DATE: JULY 22, 1996
MAIL
APPLICANT
CONTINENTAL CABLE VISION OF
NORTHERN ILLINOIS
C/O CONTINENTAL CABLEVISION , INC
THE PILOT HOUSE — LEWIS WHARF
BOSTON, MA 02110
BENEFICIARY AMOUNT
VILLAGE OF' ELK GROVE US t 10,000.00
ELK. GROVE, IL 60007 TEN THOUSAND AND 00/100
U.S. DOLLARS
EXPIRY
MARCH 22, 1997 AT OUR COUNTERS
GENTLEMEN:
WE HEREBY ESTABLISH IN YOUR FAVOR OUR IRREVOCABLE STANDBY LETTER OF
CREDIT NUMBER 00.373154 WHICH IS AVAILABLE FOR NEGOTIATION OF YOU DRAFTS
AT SIGHT, DRAWN ON US, BEARING THE CLAUSE "DRAWN UNDER THE FIRST
NATIONAL BANK OF CHICAGO, CHICAGO, ILLINOIS, CREDIT NUMBER 00373154,"
AND ACCOMPANIED BY:
"YOUR SIGNED STATEMENT CERTIFYING THAT THE AMOUNT OF YOUR DRAFT
REPRESENTS THE AMOUNT DUE THE VILLAGE 01= ELK GROVE PURSUANT TO VILLAGE
OF ELK GROVE, ILLINOIS ORDINANCE NO. 70--84, WHEREIN IT IS STATED
)'HAT THIS LETTER OF CREDIT SHALL BE USED TO INSURE THE FAITHFUL
PERFORMANCE BY THE GRANTEE_ (AMERICAN CA13LESYSTEMS OF ILLINOIS) OF ALL
PROVISIONS OF THE FRANCHISE AND THIS ORDINANCE; AND COMPLIANCE WITH ALL
PERMITS AND DIRECTIONS OF' THE BOARD, OF THE VILLAGE HAVING JURISDICTION
OVER ITS ACTS OR DEFAULTS UNDER THE FRANCHISE OR THIS ORDINANCE, AND
THE PAYMENT BY THE GRANTEE OF ANY PENALTIES, CLAIMS, LIENS AND TAXES
DUE THE VILLAGE, THE AGENCY, OR OTHER GOVERNMENTAL ENTITIES WHICH ARISE
BY REASON OF THE CONSTRUCTION, OPERATION OR MAINTENANCE OF THE SYSTEM
AND MUST ALSO INDICATE THAT YOU HAVE MADE A DEMAND ON CONTINENTAL
CABLEVISION OF NORTHERN ILLINOIS FOR PAYMENT BUT HAVE NOT RECEIVED SUCH
PAYMENT FROM CONTINENTAL CABLEVISION OF NORTHERN ILLINOIS, ITS
SUBSIDIARIES OR ANY OTHER SOURCE.
IN THE EVENT THAT APPLICANT DOES NOT REIIUEST AND AUTHORIZE THIS LETTER
OF CREDIT EXTENSION, EITHER FROM ITS CURRENT OR ANY FUTURE EXPIRY DATE,
OR IN THE EVENT THAT WE DECLINE TO FURTHER EXTEND THE CREDIT, YOU MAY
DRAW ON THE CREDIT UP 'TO ITS THEN AVAILABLE BALANCE BY YOUR SIGHT
DRAFT DATED NOT EARLIER THAN 60 DAYS PRIOR TO THE THEN CURRENT EXPIRY
DATE ACCOMPANIED BY:
(CONTINUED) PAGE 1
ORIGINAL
® FIRST CHICAGO
The First National Bank of Chicago
OUR FIEF 01373154
TRADE FINANCE
ONE NORTH DEARBC - 9TH FLOOR, MAIL SUITE 0812
CHICAGO, ILLINOIS 60670-0812 U.S.A.
Telex: TRT 190201 FNBC UT Swift Address: FNBCUS44
ITT 4330253 FNBCUI FAX: (312) 407-1065
TEL: (312) 407-3843
DATE: JULY 22, 1996
"YOUR SIGNED STATEMENT THAT YOU HAVE NOT RECEIVED AN AMENDMENT
EXTENDING THIS CREDIT'S EXPIRY DATE FOR AN ADDITIONAL PERIOD AND THAT
THE AMOUNT OF YOUR DRAWING REPRESENTS THE THEN REMAINING OBLIGATION OF
CONTINENTAL CABLEVISION OF NORTHERN ILLINOIS WHICH YOU UNDERTAKE TO
HOLD AS SEGREGATED CASH COLLATERAL TO AP'PLICANT'S OBLIGATION OUTSTANDING
AS OF THE DATE OF YOUR DRAWING."
WE' ENGAGE WITH YOU THAT DRAFTS DRAWN UNDER AND IN CONFORMITY WITH THE
TERMS OF THIS CREDIT WILL BE DULY HONORED ON PRESENTATION IF PRESENTED
ON OR BEFORE THE EXPIRY DATE. THE ORIGINAL LETTER OF CREDIT MUST
ACCOMPANY THE DOCUMENTS REQUIRED UNDER THIS CREDIT.
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE
—PUBLICATION 5oO.
PLEASE ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT TO
THE ATTENTION OF OUR LETTER OF CREDIT UNIT, TRADE SERVICE GROUP,
MENTIONING OUR REFERENCE NUMBER AS IT APPEARS ABOVE.
VERY TRULY YOURS
P'REFARE�/AIJTHORIZ D SIGNER
cu1Q1 4, 66 _S 2
AUTHORIZED SIGNER
ORIGINAL