HomeMy WebLinkAboutRESOLUTION - 20-80 - 2/12/1980 - LOC/REGENCY SQUARE DEVRESOLUTION NO. 20-80
A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM CAPITOL BANK
OF CHICAGO GUARANTEEING SCREENING ON THE WEST PORTION OF THE
REGENCY SQUARE DEVELOPMENT
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 do hereby
authorize the acceptance of a Letter of Credit No. 3246 (Ben Rozansky
and Robert D. Brodley) dated November 27, 1979, in the amount of $5,000.00
expiring October 1, 1980 (draws under this Credit are not permitted prior
to August 1, 1980) from Capitol Bank of Chicago, guaranteeing the
completion of screening (hedges) required on the Landscape Plan approved
by the Elk Grove Planning Commission on November 7, 1979 as shown on
Detail 1 of said plan for Phase 2-B.
Section 2: That the terms of this Letter of Credit will be duly
honored as specified on or before the expiration date.
Section 3: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 12th
APPROVED this 12th
ATTEST:
Fay M. Bishop
Village Clerk
day
of
February
1980.
day
of
February
1980.
Charles J. Zettek!
Village President
CAPITOL BAN
4801 W. FULLERTON AVE.,
IRREVOCABLE
IJ
Mr. Charles A. Willis
Village of Elk Grove
901 Wellington
Elk Grove, Illinois 60007
Gentlemen:
F CHICAGO
60639, PHONE 622-7100
91
.;s._D
REDIT
December 5, 1979
Wa hereby open an Irrevocable Letter of Credit in your favor for the sum
not to exceed FIVE THOUSAND DOLLARS ($5,000) for the account of Ben
Rozansky and Robert D. Bradley as general partners of Regency Square 11,
available by your drafts at sight on us drawn in the name of the Village
of Elk Grove, an Illinois Municipal Corporation, Elk Grove, Illinois.
All drafts so drawn must be market "Drawn under Capitol Bank of Chicago,
Credit No. 3246, dated November 27, 1979.
Further, each draft must be accompanied by a certified statement that Ben
Rozansky and Robert D. Bradley have failed to complete their share of
the hedges required on the landscape plan approved by the Elk Grove
Planning Commission on November 7, 1979, as shown on Detai I 1 of said
plan for phase 2B.
Except so far as otherwise stated herein, this Credit is subject to the
"Uniform" Customs and Practices for Documentary Credits (1974 Revision)
International Chamber of Commerce Publication No. 290".
We hereby engage with the drawers, endorsers and bona fide holders of
drafts drawn under and in compliance with the terms of this Credit that
some shol I be duly honored upon presentation and surrender of the documents
to the drawee. This Credit must accompany any draft which exhausts the
credit and must be surrendered concurrently with the presentation of such
draft.
This credit expires October 1, 1980. Draws under this credit are not
permitted prior to August 1, 1980.
P
IT
O
K OF C //ICAGO
ORIGINAL
Joseph Herro -Vice President