HomeMy WebLinkAboutRESOLUTION - 36-81 - 5/12/1981 - LOC/SCHMIDT FARM SUBRESOLUTION NO, 36-81
A RESOLUTION ACCEPTING AN AMENDMENT TO LETTER OF CREDIT NO, 6011693
FROM CONTINENTAL BANK GUARANTEEING THE CONSTRUCTION OF PUBLIC IMPROVEMENTS
IN PHASE I OF THE SCHMIDT FARM SUBDIVISION
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
acceptance and placing on file of an amendment to Letter of Credit No. 6011693
from Continental Bank, guaranteeing the construction of the remainder of the
public improvements at the Schmidt Farm Subdivision. Original Letter of Credit
adopted by Resolution No. 36-79 in the amount of $1,219,306.00, is hereby
reduced by the attached amendment to $7-95,849.85 expiring on April 25, 1982.
Section 2. That this resolution shall be in full force and effect from
and after its passage and approval according to law.
PASSED this 12th day of May , 1.981,
APPROVED this 12th day of May , 1981,
ATTEST:
Fay M. Bishop
Village Clerk
Charles J. Zettek
Village President
'•
AIN
.. 02-5233
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"NE (312) 828- 6340
CONTINENTAL 3. NK
CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO ORIGINAL
231 SOUTH LA SALLE STREET, CHICAGO, ILLINOIS 60693
AMENDMENT TO
LETTER OF CREDIT NO. 6011693
DOCUMENTARY CREDIT IRREVOCABLE
BENEFICIARY
ELK GROVE VILLAGE
901 WELLINGTON
ELK GROVE VILLAGE
ILLINOIS 60007
DATE 4/30/81
L, (
41A/n
APPLICANT
ELK GROVE VILLAGE VENTURE
C/O MARIN BUILDERS INC.
50 W. 75TH ST. '
WILLOWBROOK, IL 60514
AMOUNT OF DECREASE
US$ -441,622.27
NEW EXPIRY
04-25-82
April 25, 1982
DEAR SIR (S)
This amendment is to be considered as part of the above Letter of
Credit and must be attached hereto
The above named iLetter.of Crediis amended as'.fdl'ii
-t Y Y.q ,+ ;';' I`1 - tdit 'mow..{w✓,amr,°ai... '
Validity extended to: 04-25-82.4
Amount decreased by: US$ -441,622.27 (Four Hundred Forty-one
Thousand Six'Hundred Twenty -Two, And. 27/100 U.S. ;Dollar) to an
available' 9
k
Amount of, $295,849.85 '
In the second
,paragraph the word "President" is deleted and
substituted by "Engineer", also the clause "attested to by the
Village Clerk"pis deleted.'
All other terms and conditions remain unchanged:
CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST ANY OF CHIC 0
4,
_i,oEr Ca er
krazinler
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9 Except so far as othenslse expressly stated, this documentary credit Is subject to the
9 7 8 2 "Uniform Customs and Practice for Documentary Credits" (1974 revislon) International
N O s
Chamber of Commerce (Publication No. 290)