HomeMy WebLinkAboutRESOLUTION - 23-88 - 4/12/1988 - LOC ACCEPTED/TOUHY/HIGGINS SUBRESOLUTION NO. 23-88
A RESOLUTION ACCEPTING AN AMENDMENT TO IRREVOCABLE LETTER OF
CREDIT NO. 8834 FROM NBD PARK RIDGE BANK EXPIRING FEBRUARY 1,
1989 DECREASING THE AMOUNT OF $71,500 TO $8,157.70 TO GUARANTEE
THE COMPLETION OF AN OFFSITE WATER MAIN EXTENSION IN THE
TOUHY/HIGGINS SUBDIVISION
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Elk Grove Village, Counties of Cook and OuPage, State of
Illinois:
Section 1: That the President and Board of Trustees do hereby
authorize the acceptance of an amendment to Irrevocable Letter of Credit
No. 8834 from NBD Park Ridge Bank decreasing the amount of $71,500 to
$8,157.70 to guarantee the completion of public improvements for the
Touhy/Higgins Subdivision Offsite Watermain Extension described in the
engineering plans and specifications dated April 21, 1987, prepared by
Cowhey, Gudmundson Leder, Ltd., One Pierce Place, Itasca, Illinois
60143 on property described in Exhibit "A" attached hereto and made a part
hereof. Said Letter of Credit expiring February 1, 1989, originally
accepted by Resolution No. 29-87.
Section 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 12th
APPROVED this 12th
ATTEST:
Patricia S. Smith
Village Clerk
day of April , 1988.
day of April , 1988.
Charles J. Zettek
Village President
EXHIBIT "A"
LEGAL DESCRIPTION
TOUHY/HIGGINS SUBDIVISION
BEING A SUBDIVISION IN THE WEST HALF OF THE NORTHWEST
QUARTER OF SECTION 36, TOWNSHIP 41 NORTH, RANGE 11,
EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY,
ILLINOIS.
NBD Park Ridge Ban.
One S. Northwest Highway
Park Ridge, Illinois 60068
312.399.4100
Of Credit
Village Of Elk Grove
901 Wellington Avenue
Elk Grove Village, IL 60007-3499
GENTLEMEN:
The above mentioned credit is amended as follows:
ISSUING RANK'S NUMBER
No.
DATE 03/25/88
ADVISING
McLennan Commercial Industrial Brokerage
25 North Northwest Highway
Park Ridge, IL 60068
THIS AMENDMENT IS TO BE CONSIDERED AS PART OF THE ABOVE
MENTIONED CREDIT AND MUST BE ATTACHED THERETO.
To reduce the amount of Letter of Credit 118834 to
EIGHT THOUSAND ONE HUNDRED FIFTY SEVEN AND 70/100
All other terms and conditions remain unchanged.
Very truly yours,
bank's
($8,157.70)
Authorized Signature Authorized Si$natuie Plate, dale, nameandsignalare ofadvising
NBD Pork Ridge Bank