HomeMy WebLinkAboutRESOLUTION - 100-78 - 12/12/1978 - LOC/SIDEWALKS/REGENCY SQ DEVRESOLUTION N0, 100-78
A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM OLD ORCHARD BANK
GUARANTEEING THE CONSTRUCTION OF SIDEWALKS IN THE REGENCY SQUARE
DEVELOPMENT LOCATED NORTH OF LANDMEIER ROAD AND EAST OF SECTION 1
EAST
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 from Old Orchard Bank in the amount of
$25,000.00, guaranteeing the construction of sidewalks in the Regency Square
Development located north of Landmeier Road and East of Section 1 East. Said
Letter of Credit expires on August 1, 1980.
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 December , 1978,
APPROVED this 12th day of December 1978,
Charles J. Zettek
Village President
ATTEST:
Ilafern Snick
Acting Deputy Village Cie
RECEIVED
AUG 4 1978
MNIi^.r PnFSIDGNi'S Valli.
Old Orchard Bank
IRREVOCABLE: LETTER OF CRFDIT
No.
Amount:
Dated:
Mr. Charles A. Taillis
Village Manager
Village of Elk Grove
901 Wellington
Elk Grove, Illinois 60007
Gentlemen:
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Old Orchard Road
Skokie, Illinois 60077
(312) 679-2200
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1165 (s)
$25,000.00
August 2, 1978
We hereby open an Irrevocable Letter of Credit in your favor for the
sum not to exceed Twenty-five Thousand and no/100 (925,000.00) Dollars,
United States Currency, for the account of Ben Rozansky and Robert
Bradley, as general partners of Regency Square Associates, 4339-B
Milwaukee Avenue, Chicago, Illinois, 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 dravm must be marked '"Drawn
under Old Orchard Bank and Trust Company Credit No. 1165 (s) dated August 2,
1978."
Further each draft must be accompanied by a certified statement that
Ben Rozansky and Robert Bradley as general partners of Regencv Square
Associates have failed to complete certain sidewalks pursuant to engineering
plans prepared by R. B. Newkranz & Associates, Civil Section, and dated
April 12, 1977.
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 anv draft which exhausts the credit and
must be surrendered concurrently with the presentation of such draft.
This credit expires August 1, 1980.
ATTEST: �) %
C �r
Sincerely,
OLD ORCHARD BANK AND
J.�TIRU^/ST OOMPANY
6
By: /V Vv
Vice President
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Old Orchard Rood
R EC E! VE 0 Skokie, Illinois 60077
(312) 679-2200
Old Orchard Bank
August 23, 1978
IRREVOCABLE LETTER OF CREDIT AMENDMENT
No. 1165 (S)
Amount: $25,000.00
Dated: August 2, 1978
Mr. Charles A. Willis
Village Manager
Village of Elk Grove
901 Wellington
Flk Grove, Illinois 60007
Gentlemen:
Our Letter of Credit No. 1165 (s) dated August 2, 1978 is hereby
amended as follows:
Draws under this Credit are not permitted prior
to May 1, 1980.
All other terms and conditions remain unchanged.
This amendment is to be considered as part of the above credit and
must be attached thereto.
This amendment becomes effective upon receipt by the issuer of the
beneficiary's written consent to the above terms.
Sincerely,
OLD
EY
ATTEST:
np,CHARD RANK AND TRUST CI
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