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Home My WebLink AboutRESOLUTION - 62-90 - 9/25/1990 - LOC ACCEPTED/MORGANFIELD SUB RESOLUTION NO. 62-90 A RESOLUTION RELEASING LETTERS OF CREDIT NO. 199-802709, $33,635.50 AND NO. 89-9, $39,571.00 (ACCEPTED BY RES. NOS. 73-88 AND 43-89) AND ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 90-20 FROM BANK OF BUFFALO GROVE EXPIRING JUNE 1, 1991 IN THE AMOUNT OF $34,155.60 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS IN MORGANFIELD SUBDIVISION UNITS 1 & 2 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 Letters of Credit No. 199-802709 in the amount of $33,635.50 and No. 89-9 in the amount of $39,571.00 accepted by Resolution Numbers 73-88 and 43-89 and acceptance of Irrevocable Letter of Credit No. 90-20 from Bank of Buffalo Grove in the amount of $34,155.60, guaranteeing the completion of public improvements for Morganfield Subdivision Units I and 2 in accordance with the approved plans and specifications dated February 24, 1987, with revisions dated June 10, 1987, prepared by A.R. Schmidt & Associates, approved on July 14, 1987 on property described in Exhibit "A" dnd attached hereto and made a part hereof. Said letter of credit expiring June 1, 1991. Section 2: That this Resolution shall be in full force and effect from and dfter its passage and approval according to law. PASSED this 25th day of September , 1990. APPROVED this 25th day of se,2tembpr 1 1990. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk Bank of Buffalo Grove 10 EAST DUNDEE ROAD P.D. BOX G REC.NE BUFFALO GROVE, ILLINOIS 60090-9008 AREA CODE 312 537-3900 tLK GROVE VILLAGE �NGINEERING & COMMUNITY DEVELOPMENT LETTER OF CREDIT #90-20 REPLACING LETTER OF CREDIT #89-9 September 5, 1990 Completion Guaranty Mr. Allan Bofflce Letter of Credit No. 90-20 Village of Elk Grove Date: 09-05-90 Wellington Avenue Amount: $34,155.60 Elk Grove, Illinois 60007 Expiration Date: 06/01/91 Dear Mr. Boffice: We hereby establish our Irrevocable Straight Letter of Credit In your favor for the account of Lunn Limited, hereafter called the "Developer", In the aggregate amount of $34,155.60 U.S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit #90-20 dated 09/05/90. These monies are to guarantee the completion of public Improvements for the following project: Morganfield Subdivision Unit I and 2 described In the engineering plans and specifications with revisions dated January 30, 1989, prepared by Intercom Engineering Corp., approved on June 1 , 1989, and agreements ( including any amendments thereof) on the property legally described In Exhibit A (attached hereto and made a part thereof), and described In the Engineering plans and specifications, dated February 24, 1987, with revisions dated June 10, 1987, prepared by A.R. Schmidt & Assoc., Engineer and Surveyors Approved on July 14, 1987 and agreements ( including any amendments thereof) on the property legally described In Exhibit B (attached hereto and made part thereof); Monies may be drawn on sight by the Village of Elk Grove when accompanied by the following document: A signed statement by the Village Manager or any other duly authorized official of the Village of Elk Grove certifying that any portion of the site Improvements has not been satisfactorily completed In accordance with the approved plans and specifications with revisions dated January 30, 1989, prepared by Intercom Engineering Corp. approved on June 1 , 1989 and agreements ( including any amendments thereof) and described In the Engineering plans and specifications, dated February 24, 1987, with revisions dated June 10, 1987, prepared by A.R. Scmidt & Assoc., Engineer and Surveyors approved on July 14, 1987 and agreements ( including any amendments thereof) for the following project: MORGANFIELD SUBDIVISON UNIT I AND 2 The Improvements In the above described project consist of: X Water services X Sanitary sewer and appurtenances X Storm sewer and appurtenances Y. Roadway (curb & gutter, pavement) Y Sidewalk X Street Lights �< Parkway (trees, etc. ) Y Traffic control (signals, signs, markings) X Ponds (Detention/Retention) X Excavation (soil erosion control , stockpile) Other (retaining walls, etc. ) These Improvements itemized above shall be completed on or before June 1, 1991 . If said Improvements have not been properly installed and satisfactorily completed on or before that date as reasonable determined by the Village Engineer, then the Village of Elk Grove (the "Village") Is hereby granted authority to draw upon this Irrevocable Letter of Credit for the purpose of completing fully said Improvements In accordance with the provisions herein and above set forth. The principal 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 Village Engineer In writing with supporting waivers, liens, and affidavits from contractors or subcontractors furnishing material or performing work to complete these improvements. And then only in the exact amount of such payments less 10% for Interim maintenance. The remaining amount shall never be reduced to an amount less than 110% of the estimated costs to complete the remaining public improvments plus 10% of the completed public Improvements as a guarantee for maintenance purposes. The Village may submit Its sight drafts as herein above provided without the consent of Lunn Limited or any other party. Partial drawings are permitted under this Irrevocable Letter of Credit. Said drafts may be submitted for payment of 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 (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 fall to honor same, we agree to pay all attorney fees, court costs and other reasonable expenses Incurred by the Village of Elk Grove 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 Irrevocable Letter of Credit shall be utilized to secure the installation of all Improvements required under the Municipal Code of the Village of Elk Grove and specified on the engineering drawings and In the specifications and agreements. This Irrevocable Letter of Creldt shall not operate as a limitation upon the obligation of Lunn Limited to properly completely Install all Improvements required by the Village of Elk Grove. 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 Irrevocabe 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 requirements stated previously. This Irrevocable Letter of Credit Is 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: �10 BAW OF BUFFALO GROVE BY: Vice President Developer/Owner "The undersigned hereby acknowledges the absolute right of the . Village of Elk Grove to draw on this Irrevocable Letter of Credit subject to the conditions herein set forth and waives any right to enjoin the VI lage from so proceeding." Date-- Deve I c�per-/Gner: A James- H. 1�4 n, Presldi;n-t �-�unn Limited EXRIBIT "A" UGAL DzSC%:PTION SUBDIVISION OF ?ART OF THE SOUTHEAST QUARMER OF SZM-.ON 36 , 741N. RIOE, OF 7M 3rd P.M. IN THE 7ILLAGE OF EU GRO7F, COOK CO=, M.11NOtS. AND Aresubdivision of Ouclec "A" in Morganfield Subdivision, being a resubdivision of part of the Southeast Quarter of Section 36, Township 41 North, Range 10, East of the Third Principal Meridian in Cook Count7, Illinois.