HomeMy WebLinkAboutRESOLUTION - 63-86 - 8/12/1986 - LOC ACCEPTED/ALLSTAR/1550 ARTHUR AVE RESOLUTION NO. 63-86
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO.
86-107 FROM FIRST AMERICAN BANK OF DUNDEE EXPIRING JULY 17,
1987 IN THE AMOUNT OF $1,485.00 TO GUARANTEE INSTALLATION
OF PUBLIC IMPROVEMENTS AT 1550 ARTHUR AVENUE (ALLSTAR)
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 an Irrevocable Letter of Credit from the First American Bank
of Dundee in the amount of $1 ,485-00 to guarantee installation of public improve-
ments on property located at 1550 Arthur Avenue, the legal description as fully
described in Exhibit "A" attached hereto and made a part hereof, and in accordance
with engineering plans and specifications with revisions dated April 10, 1986
prepared by the Chia Co. , 23 W. Higgins Road, South Barrington, Illinois 60010. '
Said Letter of Credit expiring July 17, 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 12th day of August , 1986.
APPROVED this 12th day of August , 1986.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
RECEIVED Z. G. V.
ENGUYEF-IJIN^ JDEpT.
First American Bank
of Dundee
218 West Main Street * Dundee, Illinois 60118
(312) 426-6771
IRREVOCABLE LETTER OF CREDIT
86-107
July 17 , 1986
Amount $1,485 .00
Village of Elk Grove Village
901 WellingLon Avenue
Elk Grove, Illinois 60007
Gentlemen:
We hereby establish our irrevocable letter of credit in your favor
for the account of Julian Development Corporation, RR 2 Box 366A,
Dundee, Illinois 60118, up to the aggregate amount of One Thousand
Four Hundred Eight Five and no/lOO's------------------- ($1,485.00)
available by your draft at sight drawn on us and accompanied by the
following documents:
Advances under this Letter of Credit are guaranteed in the event
of non—completion of public improvements for the following project:
Allstar Fasteners, Inc. 1550 Arthur Ave. , Elk Grove Village, IL. (the
project) described in the engineering plans and specifications with
revisions dated April 10, 1986 prepared by the Chia Co. , 23 W. Higgins
Road, South Barrington, Illinois 60010, approved on April 10, 1986
and agreements (including any amendments thereof) an the proerty
legally described in Exhibit A (attached hereto and made a part
thereof) . Monies may be drawn on sight by the Village of Elk Grove
Village when accompanied by the following document:
A signed sLatement by the Village Manager or any other duly
authorized official of the Village of Elk Grove Village certifing that
any porLion or the site improvement has not been satisfactorily
completed in accordance with Lhe approved plans and specifications
wiLh revisions dated April 10, 1986 prepared by The Chia Co. , 23 W.
Higgins Road, South Barrington, Illinois 60010 approved on April 10,
1986 and agreements (including any amendments thereof) for the
following project: Allstar Fasteners, Inc. (the "Project") , on
proerty legally described in Exhibit A, (attached and made a part of) .
The improvements in the above described project consist of a
sidewalk.
Drafts musL be drawn and negotiaLed on or before July 17, 1987 .
All drafLs under this letter of credit must bear on their race a
clause "Drawn Under First American Bank of Dundee, Letter of Credit
No. 86-107 dated July 17, 1986."
Amount and date of each draft under this letter of credit Must be
endorsed on the reverse side hereof and the presence of each draft, if
negotiated, shall constitute a warranty by the negotiating bank that
such endorsement has been made and that the documents herein required
have been forwarded to us. This letter of credit must be attached to
the last draft when the credit is exhausted.
We hereby agree with the drawers, endorsers and bona fide holders
of drafts drawn under in compliance with the terms of this letter of
credit, that the same shall be duly honored on due presentation and
delivery to drawee of the documents as specified.
This letter of credit is governed by the "Uniform Customs and
Practice for Documentary Credits, 1974 Revision, International Chamber
of Commerce Brochure No. 290."
Jane( C. Briars, AssisLant Cashier
EXHIBIT A
LOT 336 IN CENTEX INDUSTRIAL PARK UNIT 225, BEING A
SUBDIVISION IN THE EAST 112 OF THE SOUTHEAST 1/4 OF
SECTION 34, TOWNSHIP 4 7 NORTH, RANGE 11 EAST OF THE
THIRD PRINCIPAL MERIDIAN ACCORDING TO THE PLA T
THEREOF RECORDED APRIL 18, 1978 AS DOCUMENT NO.
24407667 IN COOK COUNTY, ILLINOIS