HomeMy WebLinkAboutRESOLUTION - 30-80 - 3/11/1980 - LOC/REGENCY SQUARERESOLUTION NO. 30-80
A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM CAPITOL BANK OF
CHICAGO, GUARANTEEING THAT BEN ROZANSKY AND ROBERT, D. BRODLEY
WILL COMPLETE THEIR SHARE OF DEVELOPMENT OF THE PARK SITE AT
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 1. That the President and Board of Trustees do hereby authorize
the acceptance of a Letter of Credit, No. 3265, in the amount of $16,000.00
from the Capitol Bank of Chicago, guaranteeing that Ben Rozansky and Robert
D. Brodley will complete their share of development of the Park Site as
shown on Sheet L-1 dated March 18, 1979 for the Park Site at the Regency
Square Development. Said Letter of Credit expiring on October j, 1980.
Section 2. That the terms of this Letter of Credit will be duly honored
as specified on or before the expiration date.
Section 3. That this resolution shall be in full force and effect from
and after its passage and approval according to law.
PASSED this Ilth day of March 1980.
APPROVED this Ilth day of March 1980.
Charles J. Zettek
Village President
ATTEST:
Fay M. Bishop
Village Clerk
AA December 18, 1979
RF
y�4
CAPITOL BANK F CHICACI,p MAI?
4801 W. FULLERTON AVE., CHICA 60639, PHONE 622-7100 BE M4N4QE,9,$ QMCE
IRREVOCABLE LETT E CREDIT
.N? )20Ja
Replaces No.3270
Mr. Charles A. Willis
Village of Elk Grove
901 Wellington
Elk Grove, Illinois 60007
Gentlemen:
We hereby open an Irrevocable Letter of Credit in your favor for the sum not to exceed
Sixteen Thousand Dal lore ($16,000.00) for the account of Ben Rozonsky and Robert D.
Bradley as general partners, or Regency Associates 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 marked "Drawn under Capitol Bank of
Chicago, Credit No. 3265 dated December 18, 1979.
Further, each draft must be accompanied by a certified statement from the Village
Manager that Ben Rozansky and Robert D. Bradley have failed to complete their share
of development of the Park Site shown on Sheet L-1 dated 318/79, for Regency Square
Park.
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 shall be duly honored upon presenta-
tion 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 drafts.
This credit expires October 1, 1980. Draws under this credit are not permitted prior to August 1,
1980.
ATTEST:
ORIGINAL
CAPITO ANK OF ICAGO
A
Joseph WHerro
Vice -President