HomeMy WebLinkAboutRESOLUTION - 34-87 - 6/23/1987 - LOC ACCEPTEDRESOLUTION NO. 34-87
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. SPL28793
AND AMENDMENT NO. 1 FROM HARRIS TRUST AND SAVINGS BANK EXPIRING
AUGUST 30, 1987 IN THE AMOUNT OF $11,228.25 TO GUARANTEE COMPLETION
OF SITE IMPROVEMENTS IN THE CARPENTERS APPRENTICE AND TRAINEE PROGRAM
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. SPL28793 and Amendment No.
1 from Harris Trust and Savings Bank in the amount of $11,228.25 to guarantee
completion of site improvements for the Carpenters Apprentice and Trainee
Program in accordance with the approved plans and specification with revisions
dated April 29, 1987, prepared by Irving Lieberman and Associates Inc., 72
North Broadway, Des Plaines, Illinois 60016 and Seton Engineering Company,
1300 South Wolf Road, Wheeling, Illinois 60090 approved on May 26, 1987
on property described in Exhibit "A" attached hereto and made a part hereof.
Said Letter of Credit expiring August 30, 1987.
Section 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 23rd day of June 1987.
APPROVED this 23rd day of June 1987.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
LEGAL DESCRIPTION
CARPENTERS APPRENTICE AND TRAINEE PROGRAM
Lot 313 in Centex Industrial Park Unit 189 and Lots
353 and 354 in Centex Industrial Park Unit 214, all
in the North Half of Section 34, Township 41 North,
Range 11, East of the Third Principal Meridian, in
Cook County, Illinois.
INTERNATIONAL OPERATIONS DIVISION �L HARRIS Cable Address: HARRISBANK
P.O. Box 75", p/�w�y Telex: 25-3417 (HARISINT CGO)
BMK
ChicS9o, Illinois 60690 •r. ® Swift Address: HATRUS44
OUR. L/C HUNDER. SPL29793 HAY 12, 1987
PAGE i
AMOUNT AVAILABLE:
USD 11,228.25
U. S. DOLLARS
ELEVEN THOUSAND TWO HUNDRED
TWENTY-EIGHT AND 25/100.
BENEFICIARY: APPLICANT:
VILLAGE OF ELK GROVE CARPENTERS APPRENTICE AND
ATTN: MR. BOFFICE TRAINEE PROGRAM
901 WELLINGTON AVENUE 12 EAST ERIE
ELK GROVE VILLAGE 2ND FLOOR
ILLINOIS 60007 CHICAGO
ILLINOIS 60611
EXPIRY DATE AUGUST 30, 1987
THIS IS THE ORIGINAL LETTER OF CREDIT.
DEAR SIRS.
' n V17.
E7'>IUPR)t
�Epr
WE HEREBY ISSUE IN YOUR FAVOR THIS IRREVOCABLE LETTER OF CREDIT
WHICH IS AVAILABLE AGAINST YOUR DRAFT DRAWN AT SIGHT ON US
ACCOMPANIED BY THE FOLLOWING:
BENEFICIARY'S SIGNED STATEMENT STATING THAT:"THE CARPENTERS
APPRENTICE AND TRAINEE PROGRAM HAS NOT COMPLETED PUBLIC
IMPROVEMENTS ON THE BUILDING LOCATED AT 1256 ESTES AVENUE, ELK
GROVE VILLAGE, ILLINOIS."
DRAFTS DRAWN UNDER THIS LETTER OF CREDIT MUST BE DRAWN AND
PRESENTED TOGETHER WITH THE ACCOMPANYING DOCUMENTATION AT OUR
PRINCIPAL OFFICE IN CHICAGO, ILLINOIS NOT LATER THAN
AUGUST 30, 1987
DRAFTS MUST BE MARKED AS DRAWN UNDER THIS LETTER OF CREDIT.
WE HEREBY ENGAGE WITH YOU THAT ALL DRAFTS DRAWN AND/OR DOCUMENTS
PRESENTED UNDER AND IN COMPLIANCE WITH THE TERMS OF THE LETTER OF
CREDIT THAT SUCH DRAFTS AND/OR DOCUMENTS WILL BE DULY HONORED
UPON PRESENTATION TO US.
THIS DOCUMENTARY CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND
PRACTICE FOR. DOCUMENTARY CREDITS" 1983 REVISION INTERNATIONAL
CHAMBER. OF COMMERCE PUBLICATION 400, EXCEPT FOR ARTICLE 45.
I SIGNATURE
AITHOR.I=LD _I�NATURE
I rood IN 3-62)
INTERNATIONAL OPERATIONS DIVISION `1� HpA�RRIS Cable Address: HARRISBANK
P.O. Box 755 rd �AIVK Teles: 25-3417 IHARISINT CG01
Chicago, Illinois 60690 1 \r. ® Swift Address: HATRUS44
OUR L/C NUMBER SPL28793 MAY 28, 1987
PAGE 1
RECEIVED E. G. V.
MAY ) �;'a'3] AMENDMENT AMOUNT:
USD 0
ENGINEERING DEPT.
BENEFICIARY:
VILLAGE OF ELK GROVE
ATTN: MR. BOFFICE
901 WELLINGTON AVENUE
ELK GROVE VILLAGE
ILLINOIS 60007
THIS IS THE ORIGINAL AMENDMENT.
THIS IS AMENDMENT NUMBER 1
APPLICANT:
CARPENTERS APPRENTICE AND
TRAINEE PROGRAM
12 EAST ERIE
2ND FLOOR
CHICAGO
ILLINOIS 60611
DEAR SIRS,
WE HEREBY AMEND OUR LETTER OF CREDIT NUMBER SPL28793 AS FOLLOWS:
DELETE: "BENEFICIARY'S SIGNED STATEMENT STATING THAT:'THE
CARPENTERS APPRENTICE AND TRAINEE PROGRAM HAS NOT COMPLETED
PUBLIC IMPROVEMENTS ON THE BUILDING LOCATED AT 1256 ESTES AVENUE,
ELK GRAVE VILLAGE: ILLINOIS."'.
INSERT THE FOLLOWING PARAGRAPHS:
A STATEMENT PURPORTEDLY SIGNED BY THE VILLAGE MANAGER OR ANY
OTHER DULY AUTHORIZED OFFICIAL OF THE VILLAGE OF ELK GROVE
VILLAGE CERTIFYING THAT " A PORTION OF THE SIGHT IMPROVEMENTS HAS
NOT BEE14 SATISFACTORILY COMPLETED IN ACCORDANCE WITH THE APPROVED
PLA149 AND SPECIFICATION WITH REVISIONS DATED APRIL 29.1987,
PREPARED BY (A) CONSULTING ENGINEER: IRVING LIEBERMAN AND
ASSOCIATES INC., 72 NORTH BROADWAY, DES PLAINES, ILLINOIS 60016
AND (B) CIVIL ENGINEER: SETON ENGINEERING COMPANY, 1300 SOUTH
WOLF ROAD. WHEELING, ILLINOIS 60090, APPROVED ON MAY 26,19B7 AND
AGREEMENTS (INCLUDING ANY AMENDMENT THEREOF) FOR THE
FOLLOWING PROJECT: CARPENTERS APPRENTICE PROGRAM."
THE BENEFICIARY WILL BE NOTIFIED BY THE HARRIS TRUST AND SAVINGS
BANK NO LESS THAN 60 DAYS PRIOR. TO THE EXPIRATION DATE OF THIS
LETTER OF CREDIT BY REGISTERED MAIL.
ALL OTHER. TERMS AND CONDITIONS OF THIS LETTER OF CREDIT REMAIN
UNCHANGED.
HARRIS TRUST AND SAVINGS BANK
AUTHORIZED SIGNATURE