HomeMy WebLinkAboutRESOLUTION - 37-75 - 5/6/1975 - LOC/TRITON IND PARKRESOLUTION NO. 37-75
A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM THE AMALGAMATED TRUST AND
SAVINGS BANK GUARANTEEING THE CONSTRUCTION OF A THIRD LIFT ON BONNIE LANE
AND HOWARD STREET IN THE TRITON INDUSTRIAL PARK
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of
the Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois:
Section 1. That the President and Board of Trustees do hereby authorize the
acceptance of a Letter of Credit, dated April 18, 1975, in the amount of
$21,000.00 from the Amalgamated Trust and Savings Bank to guarantee the
construction by G b G Enterprises of a one inch thick asphalt course on
Bonnie Lane and Howard Street in the Triton Industrial Park. The construction
of the asphalt layer will be constructed at such time as seventy five (75%)
percent of the frontage bordering subject streets has been improved with
buildings, or five years from date of street construction, whichever event
shall occur first. The construction shall not be started until all base
failures are corrected.
Section 2. That all drafts drawn under and in compliance with the terms of
this Letter of Credit will be duly honored on delivery of documents as
specified if negotiated on or before April 20, 1976.
Section 3. That this resolution shall be in full force and effect from and
after its passage and approval according to law.
PASSED this 6th
APPROVED this 6th
ATTEST:
Village G rk
day of May , 1975.
day of
P'6(. G.I,'%GU:.
j/
o
Amount
Arm-Y,Ije
Commercial Loan 0=par,,^.ens State and Mecree Streets
Deoartmen[ Phone (31 2) 82^_-3052 servirg Ch:ca]o since1922 _
IRR�^fir C E TETT nH � r^
,O, BLL .,�.___R C.�:lli
821,000.00
Elk Grove Village, an Illinois
Municipal Corporation
Elk Grove Village, Illinois
Dated: April 13, 1975
Number: 041875
RE: Installation of third lift oavement of
asphalt surface course on Bonnie Lane
Street and on Howard Street in Triton
Industrial Park in Elk Grove Village
Gentlemen:
At the request of G & G Enterprises, we hereby authorize
you to draw on the Amalgamated Trust & Savings Bank drafts
at sight for any sum or sums not exceeding 121,000.00
(TWENTY ONE THOUSAND DOLLARS). No documents need accompany
the drafts, but each draft hereunder must bear the clause:
Drawn under Amalgamated Trust & Savings Bank
Letter of Credit #041875 dated April 18, 1975.
The amount of any drafts under this credit must be endorsed
on the reverse side hereof, and the presentation of each draft,
if negotiated, shall be a warranty by the negotiating bank
that such endorsement has been made.
We hereby agree with the drawers, endorsers and bona fide
holders of all drafts drawn under and in compliance with the
terms of the credit that such drafts will be duly honored
upon presentation, if presented to this bank on or before
April 20, 1976.
Very truly yours,
AMALGAMATED TRUST & SAVIDiGS BANK
By
6riginal of this Letter of Credit in the Safety Deposit loax at the 9ank of Elk Grove.
Ar..al;amat=_d -rust & Savings Bank - 100 South State • Chicago, I;1;nois 60603 . Phone (312) 522-3C00 - Cabla Arralgaban;<