HomeMy WebLinkAboutRESOLUTION - 65-95 - 11/14/1995 - LOC/RELEASE/FAIRMONT ESTATES SUB RESOLUTION NO. 65-95
A RESOLUTION RELEASING MAINTENANCE LETTER OF CREDIT NO.
020001557 FROM AMWEST SURETY INSURANCE COMPANY EXPIRING
OCTOBER 26, 1995 IN THE AMOUNT OF $22,000.00 PREVIOUSLY
ACCEPTED BY RES. NO. 67-93 TO GUARANTEE COMPLETION OF
PUBLIC IMPROVEMENTS FOR FAIRMONT ESTATES SUBDIVISION
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 Maintenance Letter of Credit No. 020001557 from
Amwest Surety Insurance Company, in the amount of $22,000.00 previously
accepted by Resolution No. 67-93 to guarantee completion of public
improvements in Fairmont Estates Subdivision in accordance with the
approved plans and specifications prepared by Intech Consultants, Inc.
dated October 1, 1992. Said Letter of Credit expiring October 26, 1995.
Section 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT:
PASSED this 14th day of Nnvpmhpr 1995.
APPROVED this 14th day of November 1995.
Dennis J. Gallitano
Village President
ATTEST:
Patricia S. Smith
Village Clerk
AMWES SURETY INSURANCE OMPANY
WOODLAND HILLS, CALIFORNIA
BOND NO. 020001557
PREMIUM $600.00
PreiWusn dlavgCd On 24 Montt)
casis at Surety's current rate.
MAINTENANCE BOND
KNOW ALL MEN BY THESE PRESENTS, That we, THE FAIRMONT GROUP, INC.
920 YORK ROAD, SUITE 2A, OAK BROOK, IL 60521
(hereinafter called Principal, as Principal, and AMWEST SURETY INSURANCE COMPANY, a corporation organized
and existing under the laws of the State of California and authorized to transact a general surety business in the State of
ILLINOIS (hereinafter called Surety), as Surety, are held and firmly bound unto
THE VILLAGE OF ELK GROVE VILLAGE
(hereinafter called Obligee), in the sum of
Twenty Two Thousand and 00/100 DOLLARS ($ 22,000-00
lawful money of the United States of America, to be paid to the said Obligee, or its successors or assigns, to the
payment of which surn well and truly to be made, we do bind ourselves, our heirs, executors, administrators,
successors and assigns, jointly and severally, firmly by these presents.
WHEREAS, the Principal entered into a contract with the said Obligee, dated
for MAINTENANCE FOR THE FAIRMONT ESTATES SUBDIVISION
ELK GROVE VILLAGE, IL and,
WHEREAS, the Obligee requires that these presents be executed on or before the final completion and acceptance of
said contract and
WHEREAS, said contract was completed and accepted on the 26TH day of ncTogFg 19gi
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the Principal shall remedy without cost
to the Obligee, any defects which may develop during a period of Twenty Four months from the date of completion
and acceptance of the work performed under the contract, caused by defective or interior materials or workmanship,
then this obligation shali be void; otherwise it shail be and remain in full force arid effect.
SIGNED, SEALED AND DATED THIS 16th DAY OF October, 1993.
THE FAIWG�NT GROJ-,f, INC.
princ,pal
By'. President
Ange lumbo
AMWES�S E� INSURANCE COMPANY
2215 YORKN9157�D, SUITE 305
PON,, 0 OAK BROOK, IL 60521
BY
RONALD B. GENGLER'
Jft UN A3014 (3192