HomeMy WebLinkAboutRESOLUTION - 94-86 - 11/25/1986 - LOC/110 THORNDALE RESOLUTION NO. q4-8(,
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT
NO. SPL28513 FROM HARRIS TRUST AND SAVINGS BANK IN THE
AMOUNT OF $18,900.00 EXPIRING NOVEMBER 7, 1987 TO GUARANTEE
THE INSTALLATION OF PUBLIC IMPROVEMENTS AT 1100 THORNDALE
(LOT 30 WAREHOUSE, ITASCA CONSTRUCTION ASSOCIATES)
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 No. SPL28513 from Harris
Trust and Savings Bank in the amount of $18,900.00 to guarantee installation
of public improvements at 1100 Thorndale Avenue, Lot 30 Warehouse as provided
in certain engineering plans prepared by Cowhey Gudmundson Leder, Ltd. , One
Pierce Place, Itasca, Illinois 60143. Said Letter of Credit expiring
November 7, 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 25th day of November 1986.
APPROVED this 25th day of November 1986.
Charles J . Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
. INTERNATIONAL OPERATIONS DIVISION HARRIS Cable Address: HARRISBANK
P.O. Box 755 x / p���y Telex: 25-3417 IHARISINT CG01
Chicago, Illinois 60690 hJ B•K® Swift Address: HATRUS44
OUR L/C NUMBER SPL28513 NOVEMBER 07, 1986
PAGE 1
AMOUNT AVAILABLE:
USD 18,900.00
U. S. DOLLARS
EIGHTEEN THOUSAND NINE HUNDRED
AND NO/100.
BENEFICIARY: APPLICANT:
VILLAGE OF ELK GROVE VILLAGE ITASCA CONSTRUCTION
901 WELLINGTON AVENUE ASSOCIATES, INC.
ELK GROVE VILLAGE 1 PIERCE PLACE
ILLINOIS 60007 SUITE 450
ITASCA
ILLINOIS 6104:3
EXPIRY DATE NOVEMBER 07, 1988
THIS IS THE ORIGINAL LETTER OF CREDIT.
GENTLEMEN: RE: LOT 30 WAREHOUSE
WE HEREBY ISSUE IN YOUR FAVOR OUR IRREVOCABLE LETTER OF CREDIT
NO. SPL28513 FOR ACCOUNT OF ITASCA CONSTRUCTION ASSOCIATES, INC.
FOR THE AMOUNT OF $18,900.00 AVAILABLE UPON PRESENTATION OF YOUR
DRAFT AT SIGHT ON HARRIS TRUST AND SAVINGS BANK, CHICAGO, ILLI-
NOIS ACCOMPANIED BY THE ORIGINAL LETTER OF CREDIT AND THE HERE-
INAFTER DESCRIBED CERTIFICATE. EACH SUCH DRAFT MUST STATE ON ITS
FACE "DRAWN UNDER HARRIS TRUST AND SAVINGS BANK LETTER OF CREDIT
NO. SPL28513 DATED NOVEMBER 7, 1986."
THIS LETTER OF CREDIT IS ISSUED FOR THE PURPOSE OF SECURING AND
PAYING FOR THE INSTALLATION OF CERTAIN PUBLIC IMPROVEMENTS IN
THE ABOVE REFERENCED PROJECT AS PROVIDED IN CERTAIN ENGINEERING
PLANS PREPARED BY COWHEY GUDMUNDSON LEDER, LTD. , ONE PIERCE PLA-
CE, ITASCA, ILLINOIS 60143.
THIS IRREVOCABLE LETTER OF CREDIT SHALL EXPIRE ON NOVEMBER 7,1988
PROVIDED THAT WE SHALL HAVE THE RIGHT TO TERMINATE THIS LETTER OF
CREDIT ON NOVEMBER 7, 1987 IF ON OR BEFORE SIXTY (60) DAYS PRIOR
TO NOVEMBER 7, 1987 WE SEND TO YOU (BY REGISTERED OR CERTIFIED
MAIL-RETURN RECEIPT REQUESTED) WRITTEN NOTICE THAT WE ARE SO TER-
MINATING THE LETTER OF CREDIT AS OF NOVEMBER 7, 1987.
DEMANDS ON THIS LETTER OF CREDIT SHALL BE MADE BY PRESENTING THE
ISSUER WITH THE SIGHT DRAFT PROVIDED FOR ABOVE ACCOMPANIED BY THE
CERTIFICATE OF THE VILLAGE MANAGER OF THE VILLAGE OF ELK GROVE
VILLAGE CERTIFYING EITHER:
(1) "THAT HARRIS TRUST AND SAVINGS BANK LETTER OF CREDIT WILL EX-
PIRE WITHIN THIRTY (30) DAYS AND HAS NO'T BEEN RENEWED" : OR
(2) "THAT THE IMPROVEMENTS REFERENCED IN HARRIS TRUST AND SAVINGS
BANK'S LETTER OF CREDIT NO. SPL28513 HAVE NOT BEEN COMPLETED IN
ACCORDANCE WITH THE AGREEMENTS BETWEEN ITASCA CONSTRUCTION ASSO-
CIATES, INC., AND THE VILLAGE AND SAID IMPROVEMENTS SHALL BE IN
DEFAULT FOR A PERIOD OF 60 DAYS AFTER WRITTEN NOTICE THEREOF BY
THE VILLAGE 'TO THE OWNER".
]HE UNDERSIGNED AGREES THAT THIS LETTER OF CREDIT SHALL. NO'T BE
REDUCED OR DISCHARGED EXCEPT UPON RECEIPT OF A CERTIFICATE OF THE
VILLAGE MANAGER OF THE VILLAGE OF ELK GROVE VILLAGE CERTIFYING
THAT THIS LETTER OF CREDIT MAY BE REDUCED AND THE AMOUNT BY WHICH
THIS LETTER OF CREDIT MAY BE REDUCED. THE OUTSTANDING BALANCE OF
THIS LETTER OF CREDIT SHALL BE THE FACE AMOUNT OF THIS LETTER OF
CREDIT LESS THE AMOUNT OF ANY DRAFTS PAID HEREUNDER.
CONTINUED ON PAGE 2
1 1000 M 3 82,
• INTERNATIONAL OPERATIONS DIVISION iL HARRIS Cable Address: HARRISBANK
P.O. Box 755' ,� p����/ Telex: 25-3417 IHARISINT CG01
Chicago, Illinois 60690 rtJ BMK® Swift Address: HATRUS44
OUR VC NUMBER SPL28513 NOVEMBER 07, 1986
PAGE 2
WE HEREBY ENGAGE WITH YOU THAT ALL DEMANDS FOR PAYMENT MADE IN
CONFORMITY WITH THE TERMS OF THIS IRREVOCABLE LETTER OF CREDIT
WILL BE DULY HONORED ON PRESENTATION TO US PRIOR TO EXPIRATION
OF THIS LETTER OF CREDIT.
THIS LETTER OF CREDIT IS NON-TRANSFERABLE AND NON-ASSIGNABLE.
THIS LETTER OF CREDIT SHALL BE GOVERNED BY THE LAWS OF THE
STATE OF ILLINOIS AND IS SUBJECT TO ALL PROVISIONS OF THE 1983
REVISION OF THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS, INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 400,
WHICH ARE NOT INCONSISTENT OR IN CONFLICT WITH THE TERMS HEREOF.
HARRIS TRUST AND SAVINGS BANK
Z"-�e
IZED SIGNATU
11000 IN 3 82,