HomeMy WebLinkAboutRESOLUTION - 73-81 - 12/8/1981 - LOC RELEASED/TOWN & COUNTRY BLDRS RESOLUTION N0, 73-81
A RESOLUTION AUTHORIZING RELEASE OF LETTER OF CREDIT NO. 6011693 FROM
CONTINENTAL BANK IN THE AMOUNT OF $295,849.85 AND ACCEPTING A LETTER
OF CREDIT NO. SP 25054 FROM HARRIS BANK IN THE AMOUNT OF $295,849.85
GUARANTEEING THE CONSTRUCTION OF PUBLIC IMPROVEMENTS IN PHASE 1 , TOWN
AND COUNTRY BUILDERS (SCHMIDT FARM, STAPE SUBDIVISION)
NOW, THEREFORE, BE IT RESOLVED, by the President and Board of Trustees
of the Village of E1k, Grove Village, Counties of Cook and DuPage, Illinois:
Section 1 . That the President and Board of Trustees do hereby authorize
release of Letter of Credit No. 6011693 from Continental Bank in the amount of
$295,849,85, and acceptance of Letter of Credit No. . SP 25054, from Harris Bank,
in the amount of $295,849.85, guaranteeing the construction of the public
improvements in Phase 1 of the Schmidt Farm, Stape Subdivision. Said Letter
of Credit from Harris Bank expires on November 18, 1982.
Section 2. The above release and approval of the Irrevocable Letter of
Credit from Harris Bank is being made in reliance upon those matters set forth
to the Village in a letter dated December 4, 1981 , from Larry D. Johannesen,
Vice President, Town and Country Builders.
Section 3. That this resolution shall be in full force and effect from
and after its passage and approval according to law.
PASSED this 8th day of December 1981 .
APPROVED this 8th day of December 1981 .
ATTEST: Villag , P.resy ent
Village Clerk
7si
�S IRREVOCABLE JMENTARY LETTER OF CREDITIN
BAK This is a confirmation of ourDate of Issue
letter of credit opened by cableWest Monroe Street This credit is forwarded to the NOVEMBER 18, 1981
ago, Illinois 60690 advising bank by Air Mail
x: 25-3417LETTER OF CREDIT NUMBER
Of Issuing Bank �Of Advising bank.
SP 25054
Amount
id 3 f?E� 'f i~ CE :,= Y Q 7 � 7( �t� yi�. •f~.s , .;-
d _ ii f2 li —'F •TrThF -*'ca -! GY f3tY7 '� `[}[
AP IIt:3nL t�,
o °F1Elk Grove Village Venture
It ' Beneficiary Alfc/o Marin Builders, Inc.
Elk Grove Village 50 West 75th Street
p
901 Wellington Willowbrook Illinois 60514
Elk Grove, Illinois 60007 Latest Date for Negotiation Latest Date for Shipment Y
- - Dear Sirs: -
i'We hereby issue in your favor this documentary letter of credit,which is available against presentation of the following documents
against beneficiaries draft at sight drawn on ourselves
U
accompanied by the following documents lin duplicate unless otherwise specified): 8
�r A written certification signed by the Village Engineer of the Village of Elk
uTV
- Grove Village, Illinois, and attested to by the Village Clerk stating that -
a funds drawn pursuant to this letter are to be used for the payment of the costs
_ of construction of all of the subdivion improvements for Phase 1 consisting
g of 193 lots as depicted on Fletcher Engineering Company's design documents
p 8,
Project 77-148, dated September 19,_.. ]97 with revisionsdated April 25, 1979._ .II.,-._: I .:_I'�_:: ;.—I1 _. .I, _-.11� -.I„ --: •_-
B
Drafts drawn under this letter of credit must be drawn and presented together
o with accompanying documentation at our principal banking office in Chicago,
Illinois, not later than 1 year from the date of the issuance of this letter
d
of credit.
Q ? The amount of this letter of credit is to be automatically reduced by the
■
U amounts of disbursements made to the applicant approved by the Village as
,i„evidenced by written certification from the Village to the bank from time to .
R
R -' time. - - - - -
t
.1 -. . �'1f1�IL11rr?251r .:rl}�•_.'Tfa•—''fit
1�••h
0 .
Rs Special Conditions T
W
JW
you that
m V y
ALL DOCUMENTS TO 0E SENT IN O E E. MAILING.
iy EW • UNLESS OTNERWI$E E%PRESSLY S pTED ON THIS CR@DIT,ALL BpNNINO CHARGES OUTSIDE OF THE UNITED STATES ARE FOR lHE ACCOUNT OF T HE EENEPICIpRY. +�
A WE EN HITry i!&XXdbXN AXXaQXJMXdF L BRArrs Advising Bank's.Notification
W WITH
oIOM eoua THE
EM LETTER Oe THAT S.Ii. p rvE%CNTPO UNDER AND IN p...
W V ii`I) OCUM r ILL BC LLY no NO...urory FINE...TATI..TO
o/ow
EW ” BIRA or T-. T E MApOR CB..IIT YUTHE Ew THIS STC...BAN., REVCRSS
WU ttl r/TaT .EBA ww WrvuIT.
.7 �� iris Tr yand Savings Bapk-
01,171
Rx
aU
u� Aurhon ed/S ignG e _ ISSUING BANK - Ylace D to Nume and Signature o/Admsing Bank
MSI Ax,-^•'r^^"I.�.)Ip�lln :•_x��HF Ql llx..��'T:I IA�°-.f�lln..""•Y nipi�W�IIII ', •.IINI�iIE�IIN'''�'�:xlpl�{Ip�F�, I:�!_Rh�itF�111M'�IYfi'MAIiI�•IK'x•.
.OSY R[V.SIn W