HomeMy WebLinkAboutRESOLUTION - 96-86 - 12/16/1986 - LOC ACCEPTED RESOLUTION NO. 96-86
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO.
IMPDC1008/862595G FROM BANK OF MONTREAL EXPIRING JANUARY 31,
1989 IN THE AMOUNT OF $307, 144.00 TO GUARANTEE INSTALLATION OF
PUBLIC IMPROVEMENTS MARK STREET PROJECT LOTS 2 & 3
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 Number
IMPDC1008/862595G from Bank of Montreal in the amount of $307, 144.00
to guarantee completion of public improvements of Mark Street Project
Lots 2 and 3 in accordance with approved plans and specifications dated
August 27, 1986 prepared by Machris Engineering, 2500 West Higgins Road,
Hoffman Estates, Illinois 60195. Said letter of credit expiring
January 31, 1989.
Section 2: That this Resolution shall be in full force and
effect from and after it passage and approval according to law.
PASSED this 16th day of December 1986.
APPROVED this 16th day of December 1986.
Charles J. Zettek
Village President
ATTEST
Patricia S. Smith
Village Clerk
REV,6/85
FORM X530
mIMPDC1008/
The First Canadian Bank 8 6 2 5 9 5 G
Bankof Montreal No.
New York Branch October 22, 1986
430 Perk Avenue, New York.NY 70022
N.Y. 536 Letter of Credit
%6�EJVED E. G. V.
Village of Elk Grove Village
901 wellington Avenue OCT 2 7 1986
Elk Grove Village, Illinois 60007
NWNLtHING DEPT,
RE: MARK STREET PROJECT
Gentlemen:
We hereby issue in your favor our Irrevocable Letter of
Credit NO: IMPDC1008/862595G for account of Trammell Crow Company
for the amount of US $307 , 144 .00 (Three Hundred Seven Thousand
One Hundred Forty Four and 00/100 U.S. Dollars) available upon
presentation of your draft at sight on Bank of Montreal 430 Park
Avenue New York, N.Y. 10022 accompanied by the original credit
and the hereinafter described certificate . Each such draft must
state on its face "drawn under Letter of Credit N0:
IMPDC1008/862595G dated October 22, 1986 of the Bank of
Montreal. "
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 dated August 27, 1986 prepared by
Machris Engineering, 2500 West Higgins Road, Hoffman Estates ,
Illinois 60195.
This Irrevocable Letter of Credit shall expire on January
31 , 1989.
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 Bank of Montreal letter of credit No .
IMPDC1008/862595G dated October 22, 1986 will
expire within thirty ( 30) days and has not been
renewed ; or
( 2 ) That the improvements referenced in Bank of Montreal
letter of credit No. IMPDC1008/862595G dated October
22, 1986 have not been completed in accordance with the
agreements between Mark Street II Limited Partnership
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.
(This document consists of 2 pages)
REV.6/85
FORM 8,530
IMPDC1008/
The First Canadian Bank 8 6 2 5 9 5 6
Bank of Montreal No
New York Branch
430 Park Avenue, New York NY 10022 October 22 , 1986
N.Y. 536 Letter of Credit
(Continuation of page 1)
The undersigned agrees that this Letter of Credit shall
not 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.
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 Number
400, which are not inconsistent or in conflict with the terms
hereof.
(`!! BANK OF MONTREAL
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pa rt L.t`�71L�
Authorized Signature
P. 131 PleaseRetethat—ard4iaienei: 3er1gaage }:arbeers rodded t:c y ,,,-A
FEV.9196 '_� 17:10.4 F.ID[,J F.G
FORM 9530
N.Y. 536
The First Canadlen Sank I MP D C/1 0 0 8
Bank of Montreal "° --tt2ttt� -
Now York Aran°h
430 Park Avenue, New York NY 10022
Letter of Credit
g6613 , A®�1
November 25, 1986
Village of Elk Grove Village
901 Wellington Avenue
Elk Grove Village, Illinois 60007
Re: Marls Street Project
Letter of Credit No: IMPOC1008/862595G
Gentlemen:
We amend the above referenced Letter of Credit, issued in your favour or.
October 22, 1986 for the account of Tratmiell Crow Company, H&nilton Lakes,
One Pierce Place, Itasca, Illinois 60143-2661 as follows:
It is now a condition of this Letter of Credit that sixty
days prior to the expiration date, we shall notify that
the Letter of Credit will expire. Unless you receive
this notice sixty days prior, the Letter of Credit cannot
expire.
All other terms and conditions remain unchanged. This amendment is to be
attached to the original credit instrument, and boom es ar. integral Dart
thereof.
Unless otherwise expressly stated herein, this Credit is subject to the
UCP 1983 revision publication No. 400 and by the laws of the state of
Illinois.
OF Y171ri=
CountersignedL-1�horized SignatorK�