HomeMy WebLinkAboutRESOLUTION - 31-80 - 3/11/1980 - LOC/REGENCY SQUARERESOLUTION NO. 31'80
A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM CAPITOL BANK OF
CHICAGO, GUARANTEEING THE INSTALLATION OF PLAY EQUIPMENT ON THE
PARK SITE AT 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. 3264, in the amount of $2,500.00,
from the Capitol Bank of Chicago, guaranteeing that Ben Rozansky and Robert
D. Brodley will install play equipment known as Playstructure 19A as manu-
factured by Landscape Structures on the Park Site 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 Ilth day of March 1980.
ATTEST:
Fay M. Bishop
Village Clerk
Charles J. Zettek
Village President
December 18, 19798 E C E 1 V E p
PARR S - 1980
tP�u�raa =IUAGE MANAGER'S OFFICE
CAPITOL BAN Kp F CHICAGO
4801 W. FULLERTON AVE., CHICA \ 60639, PHONE 622-7100
IRREVOCABLE LETTE CREDIT
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1j. X2:3 3
Replaces No. 3269
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
Twenty Five Hundred ($2,500.00) Dollars for the account of Ben Rozansky and Robert D.
Bradley, as general partners of 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. 3264 dated December 18, 1979."
Further, each draft must be accompanied by a certified statement from the Village Manager
that Ben Rozansky and Robert D. Brodley have failed to install the play equipment known as
Playstructure "19A as manufactured by Landscape Structures on 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 same shall 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.
JJ H:m
ORIGINAL
CAPITO, ANK OF AGO
J. Joseph Herro
Vice -President