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Home My WebLink AboutRESOLUTION - 60-90 - 9/11/1990 - LOC ACCEPTED/701 LANDMEIER RESOLUTION NO. 60-90 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 65565 FROM NBD ELK GROVE BANK IN THE AMOUNT OF $27,592.00 EXPIRING AUGUST 14, 1991 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS AT 701 LANDMEIER ROAD LOT 1 OF 404 (Edital Corp. ) 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 Irrevocable Letter of Credit No. 65565 from NBD Elk Grove Bank in the amount of $27,592.00 to guarantee completion of Public Improvements for Edital Corporation, 701 Landmeier Road Lot 1 of 404 in accordance with the Engineering plans and specifications prepared by Norman J. Toberman and Associates, with revisions dated June 12, 1990 and approved on August 3, 1990. Said Letter of credit expiring August 14, 1991. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 11th day of September 1990. APPROVED this 11th day of September 1990. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk - __N3DElk Grove Bank 1T0 East Hi¢ ins Road -- - - -- _ Miiiois (41007= - _- ?12.d39-1888 Telex: 2W06-19027 Cable: BANKELGR -- -INTERNATIONAL BANKP G DEPARTNIENT=. - - - LETTER OF CREDIT - -- - - -- - - - - Completion Guaranty - Village of Elk Grove Village = _ =Letter:af Credit No. 6556s- 001 We.11ingfon Avenue _ - -= Date- August-=16,-1990- Elk -Grove Villager IL 60007 - -" Amounts $27,592.00- _ - - Completion Date:-August 14, 1991 Expiration Date: August 14, 1991 - -Gentlemen. - We- liereby-establish-aur Lrrevocable Straight Letter of--Credit in your favor for _the=account.-of. Edital-Corporation- -hereafter -called the "Developer", in the aggregate amount= of_ : 7_492._00,__U.,Sc Currency; -available by- your draft-drawn on sight and marked '.'Drawn. under Letter_af Credit No. 6556S_dated:August -16,, "1990..-These monies are to guarantee=the=completion of public -improvementa for the following project: 701 Landmeier -Road, Elk Grove Village�i ,IL _ NBD tln Grove-Bank- 100 rove Bank 10Q EascH gg ns Road - Elk Grove Village, Illinois-60007 _ 3121439-1888- TElex: .'06806,'190278_ _ - - - - Cable: BANKELGR - - INTERNATIONAL BANKING DEPARTi1EN F Page 2 of 4 - - i _ The improvements in the .ave bo .deacrzbed protect-conaZg_ts of _(X approprt iate boxes) . �. Watermain and Appurtenances - - - - - - - JXJ Sauitary_Sewer and: Appurtenances- t I Storm Sewer and.Appurtenances - � Roadway (.Curb 6-_Gutter, -Pavement) — c [Xi := Sidewalk- Street idewalk Street Eights Parkway -_(Trees,.-atc 4 Praffic Control =(Signals, Signs;Markings) - ponds iDeteniiocr/R - etentron) - - = - I _ Excavation_(Soil Erosion Control, Stockpile) Other_(Retaining: Walls-=- etc..-) These improvements-itemized above_shala bercompleted. on or before August 14, 199L- If said improvements -have=not:_been properly installed. and satisfactorily - - completed on or_ before=that da_te• as reasonably determined by the Village Engineer, then the Village of Elk Grove=Village=(the "Village")? is=_hereby granted authority to. draw upon. this rrrevocable Letter of CrPdit--for' tbe purpose- of'completing fully said improvements-in accordance 4ith-.tbe -provisions herein and above ser forth. NBD ELK GROVE BANK - �• } By: f :r i f %. C = = By. I 7 - its: - r 1: - its r i ��l tr- f -1:0ET _ NBD Elk Bank - _ — \ A00 East Higginig-gm s-Road L EIk Grove Village, Ih.noi! 60007" 3121439-1888 Telex: 206806190278 -- Cable: BANKELGR . - - INTER iATIONAL$ANKING-DEP.ART'Av NT - - _ = - - - - - - - - Page- 3 of k:: =The- priFucip"le amount of this. Irrevocable Letter of Credit shall not be reduced for any public improvements installed or=completed_unless such reduction is approved by the-'ViFlage Engineer_in writing with supporting. waivera,_ Iiens= and- affidavits -from contractors or subcontractorsfurnishing,material -or performing work to complete these improvements. And-thea only-iii the exact ,`amount.of _such_ payments less 10% for interim . maintenance. This_remaiuing-amount-shaft never 'be_reduced- fo_ae amount less than 110% of the estimated _costs to complete the remaining public improvements plus 10% of the . coat of- the-_ completed public imp=ovemeuts as-a- guarantee- for maintenance purposes. The V.iIlage"may submit---its-sight._drafts as herein above_providedwithout the consent of the - Developer or any other-":party. :- - _ -above - - _ - Partial-drawings are permit-ted-under this _Errevocable -Letter. of Credit. Said- drafts may be submitted_for=payment_for=a; ninety (90') Say 'Rariod, following.--the-expiration date of this Irrevocable. Letter- of;Credit and -said draft shall_be -dulg honored- upon presentation - - during the ninety- (9Q). days =in accordance with the- terms- and- provisions.- herein contained. -.If,_within 'thitty _E301_days of=the_date of-an}tdemand (made in conformity with - this=Irrevocable"Letter .of Credit) presented.=,, we=fail to= honor same-, we. agree to pay all attorney feea� court'-Costs ani outer reseonabEe expenses. incurred by the Village of Elk Grove Village= in=_enforcing the terme-of this=-Irrevocable-Letter-of Credit. The amount of eactr draft must---be endorse&'on the reverse -side=of--the original Irrevocable Letter of Credit by the Viil'agerEngineer wid attested by the Clerk; This-Irrevocable Letter of -Credit- shall be utilized to secure---the--insiallation of-alf improvements required under the Municipal- Code of- the Village of-Elk-Grove Village and specified on the- engineering drawings and in- them specifr`catione=and-=agreement-s:7 This Irrevocable Letter of Credit shall not- operate as--a__limitation upon- the obligation of the Developer to properly completely-install all--imp—oyements required by the-_Village -of Elk Grove Village. NBD EMK-GROVE BANK By � n . ., � � _� - By t _ �r _ rr Itsf`: :/L` Its.. ?13D Elk Grove.Bank - . i�� ..+' 100 East?ligoins Road_ -- - - - -- _ E'ik Gro,.e.4illace 111inois 60007 _. 3124391888 --7elev-206806'1"90278 Cable: BANKELGR " INTERNATIONAL BANKISGDEPART\fENT Page 4 of 4 -It is a_condition of-this Irievocable .Letter of Credit that it shall be automatically,extended for one year _from _the-present--expirat-ion .date hereof unless -._thirty _(301--days prior_-to such-expiration date-the-.Vik_lage-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 o€-this Irrevocable. Letter of Credit for such additional=one-W year: period without due cause C._ . EThe= undersigued. shall notify the Village Manager,, by certified mail, return " recei- t re uested" atr least nine - p" q , ninety-00) 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=sha-I1__be. automatically-extended as shall be required - oto comply_-with this=notice=provision__and requirements stated previously. -We undertake -that 411drafts .drawn'-in coaformity..w-ith the terms of this Letter __of Credit will be, duly _honared;if" presented to-us -together-_with the original of this 'Letter of-Credit -on or before_ the- exIiry,_data..-- This_Irrevoaable_Lettei :of-Credit -is..-subject to the "Uniform Customs and Practice for Documentary Credits (1.983_-Revision} International Chamber of. Commerce Publication #400" .except as herein abov�madified. Very truly yours, NBD Eq GROVE--BANK = �J BY. �i r �: - =BY Its. f 7 r r �.'= Zta: �r z` �'r s 1 -7 _ _c.�SI