The URL can be used to link to this page

Home My WebLink AboutRESOLUTION - 5-95 - 2/14/1995 - LOC RELEASED/CASTLE'S RESUB RESOLUTION NO. 5-95 A RESOLUTION RELEASING IRREVOCABLE LETTER OF CREDIT NUMBER 07812 FROM HARRIS BANK ROSELLE EXPIRING MAY 31 , 1994 IN THE AMOUNT OF $14,561.00 PREVIOUSLY ACCEPTED BY RES. NO.16-92 GUARANTEEING MAINTENANCE OF PUBLIC IMPROVEMENTS FOR CASTLE'S RESUBDIVISION DEVON/WOOD DALE ROAD 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. 07812 from Harris Bank in the amount of $14,561.00 previously accepted by Resolution No. 16-92 to guarantee maintenance of public improvements in accordance with the approved plans and specifications prepared by Cowhey, Gundmundeson, Ledger, Ltd. , dated July 16, 1989. Said Letter of Credit expiring May 31, 1994. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 14th day of February , 1995. APPROVED this 14th day of February , 1995. Michael A. Tosto Village President Pro tem ATTEST: Patricia S. Smith Village Clerk Harris Bank 106 East Irving Park Road Telephone (708) 980-2700 Roselle Roselle, Illinois 60172 in HARRIS BANK �L ROSELLE t d,SyyCc:;F.P,4fYFfAN'T IRREVOCABLE LETTER OF CREDIT Village of Elk Grove Village 901 Wellington Avenue Elk Grove, Illinois 60007 Re: Maintenance Guarantee Letter of Credit No. 07812 Date: January 15, 1992 Amount: $14 , 561. 00 Expiration Date: May 31, 1994 Gentlemen: We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Jerry M. Castle, hereafter called the "Developer, " in the aggregate amount of $14 , 561. 00, U.S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit No. 07812 dated January 15, 1992 . These monies are to guarantee the maintenance of public improve- ments for the following project: Southeast Corner Devon Avenue and Wood Dale Road, described in the engineering plans and speci- fications with revisions dated July 16, 1989 , prepared by Cowhey, Gundmundeson, Ledger, Ltd. , and agreements (including any amend- ments thereof) on the property legally described in Exhibit A (attached hereto and made part thereof) . Monies may be drawn on sight by the Village of Elk Grove when accompanied by the follow- following document: A signed statement by the Village Manager or any other duly authorized official of the Village of Elk Grove Village certifying that any portion of the site improvements has not been satisfactorily maintained. The improvements in the above described project consist of: Watermain and Appurtenances Sanitary Sewer and Appurtenances Storm Sewer and Appurtenances Roadway (Curb & Gutter, Pavement) Sidewalk Wholly owned subsid eery of Harns Bagkccrp, Inc. Harris Bank Roselle Page 2 January 10, 1992 Village of Elk Grove Village Letter of Credit No. 07812 Jerry M. Castle Partial drawings are permitted under this Irrevocable Letter of Credit. Said drafts may be submitted for payment for a ninety (90) day period following the completion date of this Irrevocable Letter of Credit and said draft shall be duly honored upon presentation during the ninety day (90) days in accordance with the terms and provisions herein contained. If, within thirty (30) days of the date of any demand (made in conformity with this Irrevocable Letter of Credit) presented, we fail to honor same, we agree to pay all attorney fees, court costs and other reasonable expenses incurred by the Village of Elk Grove Village in enforcing the terms of this Irrevocable Letter of Credit. The amount of each draft must be endorsed on the reverse side of the original Irrevocable Letter of Credit by the Village Engineer and attested by the Clerk. This Irrevoc- able Letter of Credit shall be utilized to secure the mainte- nance of all improvements required under the Municipal Code of the Village of Elk Grove Village and specified on the engineering drawings and in the specifications and agreements. This Irrevoc- able Letter of Credit shall not operate as a limitation upon the obligation of Jerry M. Castle to properly maintain all improve- ments required by the Village of Elk Grove Village. It is a condition of this Irrevocable Letter of Credit that it shall be automatically extended for one year from the present expiration date hereof unless thirty (30) days prior to such expiration date the Village Manager shall notify the undersigned in writing, certified mail, return receipt requested that he or she, based upon the advice and supporting documentation from the Village Engineer that he or she does elect not to arbitrarily request renewal of this Irrevocable Letter of Credit for such additional one (1) year period without due cause. The undersigned shall notify the Village Manager, by certified mail , return receipt requested, at least ninety (90) days prior to said expiration date that said Irrevocable Letter of Credit is about to expire. It is expressly agreed by the undersigned that the expiration date shall be automatically extended as shall be required to comply with this notice provision and the require- ments stated previously. Wholly owned subsidiary of Harris Bankcorp Inc Harris Bank Roselle Page 3 January 10, 1992 Village of Elk Grove Village Letter of Credit No. 07812 Jerry M. Castle This Irrevocable Letter of Credit subject to the "Uniform Customs and Practice for Document Credit" the International Chamber of Commerce Publication #290, most recent revision except as herein above modified. We hereby agree with the drawers, endorsers, and bona fide holders of drafts drawn in compliance with the terms of this credit that they shall be honored on presentation. Dated: January 15, 1992 Issuing Financial Institution: HARRISB OS By: / � David W. Howell Vice President Wholly owned subsidiary of Harris Bankcorp.Inc_