HomeMy WebLinkAboutRESOLUTION - 72-89 - 11/28/1989 - LOC RELEASE/WINDY CITY GARDENS SUB RESOLUTION NO. 72-89
A RESOLUTION RELEASING IRREVOCABLE LETTER OF CREDIT NO. 3
FROM STANDARD FEDERAL SAVINGS AND LOAN ASSOCIATION EXPIRING
OCTOBER 27, 1989 IN THE AMOUNT OF $3,637.00 PREVIOUSLY ACCEPTED
BY RESOLUTION NO. 3-88 TO GUARANTEE MAINTENANCE OF PUBLIC
IMPROVEMENTS FOR WINDY CITY GARDENS SUBDIVISION (BUCKINGHAM CT. )
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. 3 from Standard
Federal Savings and Loan Association in the amount of $3,637.00 previously
accepted by Resolution No. 3-88 to guarantee completion of public
improvements for Windy City Garden's Subdivision (Buckingham Court) as
described on the "As-Built" Engineering Plans prepared by Applied
Engineering Company, Buckingham Court, Elk Grove Village, Illinois dated
February 4, 1981. Said Letter of Credit expiring October 27, 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 28th day of November , 1989.
APPROVED this 28th day of November , 1989.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
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Telephone: (3121 847.1140
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October 17, 1989
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BY CERTIFIED MAIL
Village Manager
Village of Elk Grove Village
901 Wellington Avenue
Elk Grove Village, IL 60007-3499
Re: Letter of Credit No. 3
Amount -- $3,637.00
Project -- Windy City Gardens (Buckingham Court)
Expiration Date - October 27, 1989
Dear Sir:
Please allow this correspondence to serve as Standard Federal's
notice that the above referenced Letter of Credit will expire on
October 27, 1989.
As Standard Federal has fulfilled all of its duties and obligations
under such Letter of Credit, the Village is required to release such
Letter of Credit on the expiration date.
If this does not meet with your understanding of the termination
of the Letter of Credit, please provide me with written notification
prior to the expiration date.
Very truly yours,
Randall R. Schwartz
Vice President and General Counsel
RRS:mms