HomeMy WebLinkAboutRESOLUTION - 29-80 - 3/11/1980 - LOC/GARFINKLE AND BIANCORESOLUTION N0, 29-80
A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM BURBANK STATE BANK
GUARANTEEING THAT NORMAN GARFINKLE AND VINCENT BIANCO WILL COMPLETE
THE REGENCY SOUARE PARK SITE
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 1.That the President and Board of Trustees do hereby authorize
the acceptance of a Letter of Credit in the amount of $21,000.00 from
Burbank State Bank, dated January 24, 1980, guaranteeing that Norman J.
Garfinkel and Vincent P. Bianco as general partners of Regency Square Develop-
ment will complete the development of the park site at the Regency Square
Development as shown on Sheet L-1, dated March 18, 1979 for Regency Square
Park. Said Letter of Credit expiring on October 1, 1980.
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 Ilth day of March 1980.
APPROVED this 11th day of March 1980.
Charles J. Zettek
Village President
ATTEST:
Fay M. Bishop
Village Clerk
Burbank bank
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IRREVOCABLE LETIER OF CREDIT
Mr. Charles Willis
Village Manager
Village of Elk Grove
901 Wellington Avenue
Elk Grove, Illinois 60007
Gentlemen:
Re: Regency Square
Amrount: $21,000.00
Dated: January 24,
Expires: October 1,
Development
1980
1980
We hereby open an Irrevocable Letter of Credit in your favor for the sum not
to exceed Twenty-one Thousand and no/100 ($21,000.00) Dollars United States
Currency, for the account of Norman J. Garfinkel and Vincent P. Bianco, as
general partners of Regency Square Development, 1100 Industrial Drive,
Bensenville, Illinois, available by your drafts at sight on us drawn in the
name of Village of Elk Grove, an Illinois Municipal Corporation, Elk Grove,
Illinois. All drafts so drawn mist be marked "Drawn under Burbank State Bank
Credit No. 1012 dated January 24, 1980.
Further, each draft must be accompanied by a certified statement from Village
Manager, Village of Elk Grove, that Norman J. Garfinkel and Vincent P. Bianco
as general partners of Regency Square Development, have failed to complete the
development of the park site shown on Sheet L-1 dated March 18, 1979, for
Regency Square Park.
We hereby engage with the Village of Elk Grove that drafts drawn under and in
compliance with the terms of this Credit that same shall be duly honored upon
presentation and surrender of the documents to the drawee as above specified.
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.
Sincerely,
BURBPNK STATE akNK
By:
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