HomeMy WebLinkAboutRESOLUTION - 36-79 - 5/8/1979 - LETTER GUARANTEE/SCHMIDT FARM SUBRESOLUTION NO. 36-79
A RESOLUTION ACCEPTING A LETTER OF
GUARANTEE FROM THE CONTINENTAL BANK,
GUARANTEEING THE CONSTRUCTION OF
PUBLIC IMPROVEMENTS IN PHASE I OF THE
SCHMIDT FARM SUBDIVISION
BE IT RESOLVED by the President and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DUPage, Illinois,
as follows:
Section 1: That the President and Board of Trustees do hereby
authorize the acceptance of a letter of credit from the Continental
Bank in the amount of ONE MILLION TWO HUNDRED NINETEEN THOUSAND THREE
HUNDRED AND SIX ($1,219,306.00) DOLLARS, guaranteeing the construction
of public improvements in Phase I of the Schmidt Farm Subdivision,
consisting of One Hundred and Ninety Three (193) lots as depicted on
Fletcher's Engineering Company design of documents project 77-148
dated September 19, 1978, with revisions dated April 25, 1979, a copy
of said letter of guarantee being attached hereto and by this reference
incorporated herein.
Section 2: That this resolution shall be in full force and
effect from and after its passage and approval according to law.
VOTES: AYES: 6
NAYS: 0
ABSENT: 0
ATTEST:
APPROVED:
Charles J. Zettek
Village President
Fay Bishop
Village Clerk
PASSED this 8th day of May 1979.
APPROVED this 8th day of May 1979.
~ ^.0':UN'ENTARY CAEDtT—;RPEVCCABLE
nDvelNa sn�:k
ORIGINAL 71,
DAil 04/27/79
.;HEUI! NUM NLFI --�
6011693 �re
i - ---AVPUCANr - ---
Elk Crove Village Venture
c/o Marin Builders Inc.
50 West 75th Street
Willowbrook, Illinois 60514
!3FNr1 lr-. IAIIy AMOUNT
•F:li; Crow Village One Million Two $1,219,306.00
901 Wellington Cy Hundred Nineteen Thousand
L'llc Grove Village, I11i.nois60007 Three Hundred Six and
- .00/100 U.S. Dolrbamsy —_---
�.,;,,, 04/26/81' April 26, 1981
n ' rp, rworuuun Chicago - ----- -----
Wn wr(-hy r-Aubhsh in ynur fnyor our Ioevuc:rhIo Lulturof Cruthl No 6011693 which is ,rv;ulablu
for nodi l;,lur,n of your draft at sight, drawn oil Continental Illinois Notional Bank and Trust Com-
hany of Chicago. Chicago, tknots, bearmg the clause: "Drawn under Continental Illvfots Nation-
' al ".ank and Trust Company of Chicago, Chicago, Credit No. 6011693 and accompanied by
A written certification signed by the President of the Village of Elk Grove Village,
1..1Lnoi8, and attested to by the Village Clerk stating that funds drawn pursuant
to the 'letter are to be used for the payment of the costs of construction of all
rd oL the subdivision improvements for Phase 1 consisting of 193 Lots as depicted
on Fletcher's Engineering Company, designed documents Project 77-148 dated
Snotember 19, 1978, with revisions dated April 25, 1979.
Drafts drawn under this letter of credit must be drawn and presented together with
accouro:1-documentation at our principal banking office in Chicago, Illinois,
not later, than. Anr:Ll 26, 1981.
The amount of this letter of: credit is to be automatically reduced by the amounts
or d'-sbursements made to the applicant approved by the Village in written certi-
fication to the bank from time to time.
Vve hcraby engerle wan drawers andlnr bonaf�de holders That �_ ADVISING BANK'S NOTIFICATION
c,d negopelvd .n collh.;lmnq with tho temf5 OI ill
Jrl'rlil .vi.' bo JVy honored or, -o pnlwLun trid that drnits !,(- I
cepred wOr,m tan Terms of thls GdWt wJl b0 duly hondrad d
In!I h, my f �1
Tn2' 1me,rnr nt ',Kh dr,1h rli,st he enddrSFd On 'he rever=e OI
Ihty credit by lhra negoh3imq r:mk
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For
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Ylnce Arte. name end vyna,ve or erfvnuryr pu,
00742? --_ _ .------