HomeMy WebLinkAboutRESOLUTION - 23-80 - 2/12/1980 - LOC/REGENCY SQUARE PHASE IIRESOLUTION NO. 23-80
A RESOLUTION ACCEPTING A LETTER OF CREDIT, IN LIEU OF A
PERFORMANCE BOND, IN THE AMOUNT OF $280,000.00 GUARANTEEING
THE INSTALLATION OF PUBLIC IMPROVEMENTS FOR THE REGENCY SQUARE
(PHASE 2 NORTH) 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 Credit from the First National Bank
of Blue Island in the amount of $280,000.00, guaranteeing the construction
of sidewalks, curbs, pavement, storm sewer, sanitary sewer, water main,
and ditch enclosure in accordance with approved plans prepared by Hooper
Engineers, Ltd., Palatine, Illinois
July 30, 1981.
Said Letter of Credit expires on
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
February
1980.
APPROVED
this
12th
day
of
February
1980.
ATTEST:
Fay M. Bishop
Village Clerk
Charles J. Zettekl
Village President
1010,
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 11290. 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,
4�
James A. Cooke
Vice President
JAC:km