HomeMy WebLinkAboutRESOLUTION - 50-89 - 8/8/1989 - LOC RELEASE/555 BIESTERFIELD RDRESOLUTION NO. 50-89
A RESOLUTION RELEASING AN IRREVOCABLE STANDBY LETTER OF CREDIT
NO. 46665 FROM NBD ELK GROVE 13ANK EXPIRING MARCH 14, 1989 IN
THE AMOUNT OF $4,114.00 PREVIOUSLY ACCEPTED BY RES. 37-88 TO
GUARANTEE THE CONSTRUCTION OF PUBLIC IMPROVEMENTS AT 555
BIESTERFIELD ROAD (Charles Boyajian)
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 Standby Letter of Credit No. 4666S
from NBD Elk Grove Bank in the amount of $4,114.00 previously accepted
by Resolution No. 37-88 to guarantee completion of public improvements for
Charles Boyajian, 555 W. Biesterfield Road in accordance with the
approved plans and specifications prepared by Elk Grove Engineering Company
dated October 16, 1987. Said Letter of Credit expiring March 14, 1989.
Section 2. That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this
APPROVED this
ATTEST:
Patricia S. Smith
Village C er
8th
day
of
August ,
1989.
8th
day
of
August ,
1989.
Charles J. Zettek
Village President
y r NBD Elk Grove Bank
100 East Higgins Road
Elk Grove Village, Illinois 60007 PAGE ONE OF TWO PAGES
312/4391888 Telex: 206806/190278
Cable: BANKELGR
INTERNATIONAL BANKING DEPARTMENT
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 46665 DATE: April 12, 1988
BENEFICIARY: APPLICANT:
Village of Elk Grove Charles Boyajian
901 Wellington Avenue 555 W. Biesterfield Rd.
Elk Grove, IL 60007 Elk Grove, IL 60007 '-
- -- Amount: US$4,114.00 (Four Thousand
- One Hundred Fourteen and no/100
..-_ US Dollars) - -_
Expiry: March 14, 1989 -"
AT NBD ELK GROVE BANK
_--Gentlemen:
=_ !— We hereby establish in your favor our Irrevocable Standby Letter of Credit which_ '!-
ias available for payment of your draft(s) drawn at sight on us and bearing the = -_
_.clause: "Drawn under NBD Elk Grove Bark, Elk Grove Village, Illinois Letter of
-= '.'Credit No. 4666S, and accompanied by the following documents:
--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 prepared by Elk Grove Engineering Company dated October 16, 1987
_ on the property known as 555 W. Biesterfield Road, Elk Grove, IL.
I'•- OTHER INSTRUCTIONS:
---Partial drawings are permitted under this Irrevocable Letter of Credit.
Said drafts may be submitted for payment for a ninety (90) da '1
_ y p yn y y 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.
--It is a conditions 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.
By: By:
Its: �_ ��'�.11* he Its: It(CP�I1%o�J(l'C. � `""L7 '"1V uTiC
NBD Elk Grove Bank
100 East Higgins Road
Elk Grove Village, Illinois 60007
312/439-1888 Telex- 206806/190278 FACT gran nF TWn PArFS
Cable: BANKELGR
INTERNATIONAL, BANKING DEPARTMENT
- IRREVOCABLE STANDBY LETTER OF CREDIT NO. 4666S CONTINUED Date: April 12, 1988
--The undersigned shall notify the Vill-age 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 requirements stated previously. - -
-Banking charges other than those of NBD Elk Grove Bank are for the account
of the beneficiary.
- We undertake that all drafts drawn in conformity with the terms of this Letter
of Credit will be duly honored if presented to us together with the original of
= this Letter of Credit on or before the expiry date.
This Credit is subject to the "Uniform Customs and Practice for Documentary
Credits (1983 Revision), International Chamber of Commerce Brochure No. 400."
Very truly yours,
„;- NBD Elk Grove Bank
By: — — By:
_4,&
Its: G?�� �ir ��. --y _ Its: NVER05M t, Wtl.lf'(.' c��