HomeMy WebLinkAboutRESOLUTION - 55-87 - 9/22/1987 - LOC RELEASE/ACCEPT STAPE'S SUB PH 1 RESOLUTION NO. 55-87
A RESOLUTION RELEASING LETTER OF CREDIT NO. SPL 27379
ACCEPTED BY RES. NO. 26-86 AND ACCEPTING AN IRREVOCABLE
LETTER OF CREDIT NO. 191-802659 FROM IRVING FEDERAL SAVINGS
AND LOAN IN THE AMOUNT OF $295,849.85 GUARANTEEING COMPLETION
OF PUBLIC IMPROVEMENTS IN STAPE'S SUBDIVISION PHASE I
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 an Irrevocable Letter of Credit No. SPL 27379 from Harris Trust
and Savings Bank in the amount of $295,849.85 and accept an irrevocable Letter
of Credit No. 191-802659 from Irving Federal Savings and Loan in the amount of
$295,849.85, expiring on February 19, 1988, guaranteeing the completion of
public improvements for property known as Stape's Subdivision Phase I
(Windemere Subdivision) .
Section 2. That this Resolution shall be in full force and effect from
and after its passage and approval according to law.
PASSED this 22nd day of September 1987.
APPROVED this 22nd day of September 1987.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
and loan association
August 19 , 1987
Elk Grove Village
901 Wellington
Elk Grove , Illinois 60007
IRREVOCABLE LETTER OF CREDIT 191-802659
PROJECT : Staple ' s Subdivision Phase I
Elk Grove , Illinois
AMOUNT : $295 , 849 . 85
EXPIRATION DATE : February 19 , 1988
Applicant : Terrestris Development company
900 Commerce Drive
Suite 205
Oak Brook , Illinois 60521
Beneficiary : Village of Elk Grove
901 Wellington
Elk Grove , Illinois
Dear Sirs :
We hereby establish in your favor our Irrevocable Letter of
Credit No . 191-802659 , which is available for negotiation of your
drafts at sight , drawn on us , and bearing the clause "drawn under
Irving Federal Savings and Loan Association Letter of Credit 191-
802659 . 11
We hereby engage with drawers and/or bonafide holders that drafts
drawn and negotiated in conformity with the terms of this Letter
of credit will be duly honored on presentation and that drafts
accepted within the term of this Letter of Credit will be duly
honored on or before the expiration date of this credit .
Drafts drawn under this Letter or Credit must be drawn and
presented together with the accompanying documentation at our
office located in Arlington Heights , Illinois not later than
February 19 , 1988 .
Drafts must be drawn under this Letter of Credit . We hereby
engage with you that all drafts and/or documents will be duly
honored upon presentation to us .
MEMBER 802658.AF.s/ruing Park Road Chicago, Illinois 60618-3284 (312)478-3131
FSW114100 Lawrence Avenue Chicago, Illinois 60630-2894 (312) 286-1919 ^_
+.....a �.l ❑ Elston Plaza 3227 Addison Street Chicago, Illinois 60618-4328 (312) 478-5777 it
Y.LMS I�r r 11�1� EU U M 51K
0 Ridge Plaza 770 W. Dundee Arlington Heights, Illinois 60004-1598 (312)577-8100 LENDER
Page 2 LC191-802659
This documentary credit is subject to the "Uniform Customs and
Practice for Documentary credits" 1983 Revision International
Chamber of Commerce Publication 400 .
IRVING FEDE//RA VIN"
D LOAN ASSOCIATION
Jeffrey T . Wilson
Vice President
Attest
Assistant Vice President
191802659 . wcs