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Home My WebLink AboutRESOLUTION - 25-81 - 4/14/1981 - LOC/REGENCY SQUARE PHASE IIRESOLUTION NO. 2$-81 A RESOLUTION ACCEPTING TWO REPLACEMENT LETTERS OF CREDIT FROM THE FIRST NATIONAL BANK OF BLUE ISLAND IN THE AMOUNT OF $52,000 AND $37,000 TO GUARANTEE THE COMPLETION OF CONSTRUCTION OF PUBLIC IMPROVEMENTS IN THE REGENCY SQUARE PHASE II NORTH DEVELOPMENT AND RELEASING A PRIOR LETTER OF CREDIT IN THE AMOUNT OF $280,000 NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois: Section l: That the President and Board of Trustees of the Village of Elk Grove Village do hereby authorize the acceptance of two replacement Letters of Credit from the First National Bank of Blue island in the amount of $52,000 and $37,000 to guarantee the completion of construction of public improvements in the Regency Square Phase SI North development (copies of which are attached hereto) and releasing a prior Letter of Credit in the amount of $280,000. Section 2: That the Village Manager is hereby directed to release the previously accepted and approved Letter of Credit in the amount of $280,000 to the developer in exchange for the replacement Letters of Credit approved and accepted herein. Section 3: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 14th day of April , 1981. APPROVED this 14th day of April , 1981. Charles J. Zettek / Village President ATTEST: Village Clerk (j FIRST NATIONAL BANK OF BLUE ISLAND 13057 S. WESTERN AVENUE • BLUE ISLAND, ILLINOIS 60406 • 365-2200 IRREVOCABLE LETTER OF CREDIT D&TED: April 10, 1981 LETTER OF CFEDIT NUMBER: BENEFICIARY APPLICANT Village of Elk Grove Bianco Construction Company 901 Wellington Avenue 1100 Industrial Drive Elk Grove, Illinois 60007 Bensenville, Illinois 60106 -.1 Gentlemen: We hereby issue in your favor this Irrevocable Letter of Credit for the sum not to ';41 exceed $37,000.00 (Thirty-seven Thousand and 00/100 Dollars) for the account of Bianco 40 Construction Company. fD Funds under this credit are available by negotiation of your draft at sight drawn on 10 First National Bank of Blue Island at its office in Blue Island, Illinois in the name sof the Village of Elk Grove, an Illinois Municipal Corporation, Elk Grove, Illinois. This Letter of Credit will expire on March 1, 1982. Draws under this Letter of Credit are not permitted prior to January 1, 1982. t -J �Q Drafts drawn under this credit must bear on their face the clause: Drawn under Irrevocable Letter of Credit (a/c 13893) dated April 10, 1981, of First National Bank of Blue Island. F Further, each draft must be accompanied by a certified statement frau the Village Manager, Village of Elk Grove stating that " Bianco Construction Canpany has failed to complete all public improvements remaining to be constructed including pavement, curbs, water mains, sanitary sewers, storm sewers, street lights, parkway trees, sidewalks and surface course for the entire Kent Street extension." Drafts must be accompanied by this original Letter of Credit document together with any docur ents hereunder for our endorsement of any payments extended by us. If any draft(s) exhausts the Letter of Credit then this Letter of Credit docim mt must be surrendered concurrently with the presentation of such draft(s). We hereby engage with drawers, endorsers and bona fide holders that the draft(s) drawn under and in conformity with the terms of this credit will be duly honored upon presentation. Except in so far as otherwise expressly stated herein, this credit is subject to the Uniform Customs arxi Practice for Doctmientary Credits (1974 Revision) International Chamber of Can!nerce Publication No. 290. FIRST NATIONAL BANK OF BLUE ISLAND 0 FIRST NATIONAL BANK OF BLUE ISLAND 13057 S. WESTERN AVENUE • BLUE ISLAND, ILLINOIS 60606 • 365-2200 IRREVOCABLE LETTER OF CREDIT BENEFICIARY Village of Elk Grove 901 Wellington Avenue Elk Grove, Illinois 60007 Gentlenen: DATED: April 10, 1981 LETTER OF CREDIT NUMBER: 1e>69?4 APPLICANT Bianco Construction Canpany 1100 Industrial Drive Bensenville, Illinois 60106 —: We hereby issue in your favor this Irrevocable Letter of Credit for the sum not to exceed $52,000.00 (Fifty-two Thousand and 00/100 Dollars) for the account of Bianco tEE Construction Canpany. Funds under this credit are available by negotiation of your draft at sight drawn on First National Bank of Blue Island at its office in Blue Island, Illinois in the name of the Village of Elk Grove, an Illinois Municipal Corporation, Elk Grove, Illinois. This Letter of Credit will expire on March 1, 1982. Draws under this Letter of Credit are not permitted prior to January 1, 1982. Drafts drawn under this credit must bear on their face the clause: Drawn under Irrevocable aW Letter of Credit (a/c 13894) dated April 10, 1981, of First National Bank of Blue Island. r.J Further, each draft must be accompanied by a certified statanent fran the Village Manager, UKnp Village of Elk Grove stating that " Bianco Construction Caany has failed to canplete �O all public improvements remaining to be constructed including pavenent, curbs, water mains, 4 sanitary sewers, storm sewers, parkway trees, sidewalks and surface course amounting to Z $29,000.00 or to maintain all completed public improvenents amounting to $23,000.00 in Regency Square Phase II (North) sheet 1 through 6, prepared by Hooper Engineers Ltd., 473 W. Northwest Highway, Palatine, Illinois 60067, dated and approved June 28, 1979 by Elk Grove Village. " Drafts must be accanpanied by this original Letter of Credit document together with any do=ents hereunder for our endorsenent of any payments extended by us. If any draft(s) exhausts the Letter of Credit then this Letter of Credit document must be surrendered concurrently with the presentation of such draft(s). We hereby engage with drawers, endorsers and bona fide holders that the drafts drawn under and in conformity with the terms of this credit will be duly honored upon presentation. -- Except in so far as otherwise expressly stated herein, this credit is subject to the Uniform Customs and Practice for Documentary Credits (1974 Revision) International Chamber of Commerce Publication No. 290. FIRST NATIONAL BANK OF BLUE ISLAND BY: - — i- iliec�-vts . Authorized Signature FIRST NATIONAL BANK OF BLUE ISLAND 13057 S. WESTERN AVENUE • BLUE ISLAND, ILLINOIS 60406 • 385-2200 IRREVOCABLE LETTER OF CREDIT January 22, 1980 Mr. Charles Willis Village Manager Village of Elk Grove 901 Wellington Avenue Elk Grove, Illinois 60007 Re: Bianco Construction Company Dear Mr. Willis: We hereby open our Irrevocable Letter of Credit in your favor available by your drafts drawn on First National Bank of Blue Island at sight for any sum or sums not exceeding in total $280,000.00 for the account of the Village of Elk Grove. All drafts drawn under this credit must bear on their face the clause: Drawn under Irrevocable Letter of Credit (a/c 1002) dated January 22, 1980, of First National Bank of Blue Island. This credit will expire July 30, 1981 and drafts must be negotiated on or before that date. Except so far as otherwise expressly stated herein, this credit is subject to the Uniform Customs and practice for Documentary Credit (1974 revision) the International Chamber of Commerce brochure #290. This original Letter of Credit must be submitted to us together with any documents hereunder for our endorse- ment of any payments extended by us. We hereby agree with drawers, endorsers and bona fide holders that the draft(s) drawn by virtue of this credit and in accordance with the above stipu- lated terms shall meet with due honor upon presentation and delivery of the documents as specified to the drawee if drawn and negotiated on or before the date of expiration. Very truly yours, James A. Cooke Vice President JAC:km Rgleased by Res. No. 25-81, 4-14-81, Accepting 2 replacement Letters of Credit from First National Bank $52,000,& $37,000 Public Improvements in Regency Sq. Phase 11 North