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Home My WebLink AboutRESOLUTION - 64-86 - 8/12/1986 - LOC ACCEPTED/CIRCLE BAY RESOLUTION No. 64-86 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 66 FROM AVENUE BANK OF ELK GROVE IN THE AMOUNT OF $84,000.00 EX- PIRING JULY 1, 1987 TO GUARANTEE COMPLETION OF PUBLIC IMPROVE- MENTS IN THE CIRCLE BAY SUBDIVISION (ORGINALLY ACCEPTED BY RES. 57-85) 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 Straight Leter of Credit No. 66 from the Avenue Bank of Elk Grove in the amount of $84,000.00 to guarantee completion of public improvements in the Circle Bay Subdivision as fully described in Exhibit "A" attached hereto and made a part hereof in accordance with approved plans and specifications with revisions dated May 24, 1985, prepared by Applied Engineering, 1885 Hicks Rd. , Rolling Meadows, Illinois 60008. Said Letter of Credit expiring July 1 , 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 OF ELK GROVE This replaces Letter of Credit No. 66 dated 5-28-85 in the am unt of $116,246.40 IRREVOCABLE LETTER OF CREDIT Village Of Elk Grove 901 Wellington Avenue RECEIVED E. G.1L Completion Guaranty Letter of Credit No. 66 Elk Grove IL 60007 Date: July 1, 1986 JUL 2 3 1�86 Amount: $84,000.00 ENGINEERING DEPT.completion Date: April 1, 1987 Expiration Date: July 1, 1987 Gentlemen: We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of BONGI GROUP-CIRCLE BAY, INC. 561 Northport Drive, Elk Grove, IL, hereafter called the "Developer", in the aggregate amount of ** $84,000.00 *** , U.S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit #66, dated July 1, 1986. These monies are toguarantee the completion of public improvements for the following project: CIRCLE BAY ESTATES described in the engineering plans and specifications with revisions dated 7-13-84 , prepared by Applied Engineering , 1885 Hicks Road Rolling Meadows, approved on 5-24-85 and agreements (including any amendments thereof) on the property legally described in Exhibit A (attached hereto and made part thereof) . Monies may be drawn on sight by the Village of Elk Grove Village when accompanied by the following document: A signed statement by the Village Manager or any other duly authorized official of the Village of Elk Grove Village certifying that any portion of the site improve- ments has not been satisfactorily completed in accord- ance with the Approved plans and specifications with revisions dated 5-24-85 , prepared by Applied Engineering 1885 Hicks Rd Rolling Meadows, iL approved on and agreements (including any amendments thereof) for the following project: Circle Bay Estates on property legally described in the Exhibi�A. (attached and made part of) RECEIVED E. G. V. 11G 41386 ENGINEERING 0&p7- The improvements in the above described project consist of- (X appropriate boxes) . Watermsin and Appurtenances sanitary sewer and Appurtenances MR Storm Sewer and Appurtenances rV—j Roadway (Curb a Gutter, Pavement) U-4 Sidewalk Street Lights r—V1 Parkway (Trees, etc.) Lij Traffic Control (Signals, Signs, Markings) IV Ponds (Detention/Retention) Excavation (Soil Erosion Control, Stockpile) Other (Retaining Walls, etc.) These improvements itemized above shall be completed on or before (Completion Date) 4-1-87 , If said improvements have not been properly installed and satisfactorily completed on or before that date as reasonably determined by the Village Engineer, then the Village of Elk Grove Village (the "Village") is hereby granted authority to draw upon this Irrevocable Letter of Credit for the purpose of completing fully said improvements in accordance with the provisions herein and above set forth. The principle amount of this Irrevocable Letter of Credit shall not be reduced for any public improvements installed or completed unless such reduction is approved by the Village Engineer in writing with supporting waivers, liens And affidavits from contractors or subcontractors furnishing material or performing work to complete those improvements. And then only in the exact amount of such payments less 10% for interim maintenance. This remaining amount shall never be reduced to an amount less than 110% of the estimated costs to complete the remaining public improvements plus lot of the cost of the completed public improvements as a guarantee for maintenance purposes. The Village may submit its sight drafts as herein above provided without the consent of the (Developer and/or owner) Bonqi Group-Circle Bay, Inc . or any other party. Partial drawings are permitted under this Irrevocable Letter of Credit. Said drafts may be submitted for payment for a ninety (90) day period following the completion date of this Irrevocable Letter of Credit and said,,draft shall be duly honored upon presentation during the ninety day (90) days in accord- ance with the terms and provisions herein contained. If, within thirty (30) days of the date of any demand (made in con- formity with this Irrevocable Letter of Credit) presented, we fail to honor same, we agree to pay all Attorney fees, court costs and other reasonable expenses incurred by the Village of Elk Grove village in enforcing the terms of this Irrevocable Letter of Credit. The amount of each draft must be endorsed on the reverse side of the original Irrevocable Letter of Credit by the Village Engineer and attested by the Clerk. This Irrevocable Letter of credit shall be utilized to secure the installation of all improvements re- quired under the Municipal Code of the Village of Elk Grove Village and specified an the engineering drawings and in the specifications and agreements. This Irrevocable Letter of Credit shall not operate as a limitation upon the 'on Group-Circle Bay, Inc . obligation of the (Deve'llol!!r and/or Owner) ' _ to properly completely install all improvements required by the Village of Elk Grove Village. It is a condition of this Irrevocable Letter of Credit that it shall be automatically extended for one year from the present expiration date hereof unless thirty (30) days prior to such expiration date the village Manager shall notify the undersigned in writing, certified mail, return receipt requested that he or she, based upon the advice and. supporting do-cu- mentation from the Village Engineer that he or she does elect not to arbi- trarily request renewal of this Irrevocable Letter of Credit for such additional one (1) year period without due cause. 4 The undersigned shall notify the Village Hanager, by certified mail, return receipt requested, at least ninety (90) days prior to said expiration date that said Irrevocable Letter of Credit is about to expire. It is ex- pressly agreed by the undersigned that the expiration date shall be auto- matically extended as shall be required to comply with this notice provision and the requirements stated previously. This Irrevocable Letter of Credit is subject to the "Uniform Customs and Practice for Documentary Credit7 the international Chamber of Commerce Publication #290, most recent revision," except as herein above modified. We hereby agree with the drawers, indorsers, and . bona fide holders of drafts drawn in compliance SEAL with the terms of this credit that they- shall be honored on presentation. Datedt July- 10, 1986 Issuing Financial Institution: UE BANK OF ELK GROVF By: (Authorized Signature) . a) V.P. ;ddall A. Lehne — — — — — — — — — — — — — — — — — — — — 'Develoger�owner "The undersigned hereby acknowledges the absolute right of the Village of Elk Grove Village to draw on this Irrevocable Letter of Credit subject to the conditions herein set forth and waives any right to enjoin the Village from so proceeding." Date: Develope.r/owne (Name and Titid) (Nam and Title) *Note: (1) If property is in a trust, attach a copy of the Trust Agreement as an Exhibit. Village officials Uproval4Acceptance Resolutions (Title) (Date) EXHIBIT A Legal Description w/Phass Plan indicated (:Lf applicable) Village Officials Release Resolutions (Title) (Date) LEGAL DESCRIPTION THE EAST 981.93 FEET OF THE SOUTH WEST 1/4 OF THE SOUTH WEST 1/4 OF SECTION 32, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS