HomeMy WebLinkAboutRESOLUTION - 75-75 - 10/28/1975 - LOC/3RD LIFT HOWARD, BRUMMEL, CROSSEN RESOLUTION NO. 75-75
A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM THE CONTINENTAL ILLINOIS NATIONAL
BANK AND TRUST COMPANY OF CHICAGO (LETTER OF CREDIT NUMBER 1264040) GUARANTEEING
THE CONSTRUCTION OF A THIRD LIFT ON HOWARD STREET, BRUMMEL AVENUE, AND CROSSEN
AVENUE IN THE HIGGINS 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 October 28, 1974, in the amount of
$56,000.00 from the Continental Illinois National Bank and Trust Company of Chicago
to guarantee the construction by Centex Homes Corporation of a one inch thick
asphalt course on Howard Street, Brummel Avenue and Crossen Avenue in the Higgins
Industrial Park. The construction of the asphalt layer will be constructed at
such time as seventy-five (75%) percent of the frontage bordering subject streets
has been improved with buildings, or five years from date of street construction,
whichever event shall occur first. The construction shall not be started until
all base failures are corrected.
Section 2. That all drafts drawn under and in compliance with the terms of this
Letter of Credit will be duly honored on delivery of documents as specified if
negotiated on or before October 1 , 1978.
Section 3. That this resolution shall be in full force and effect from and after
its passage and approval according to law.
PASSED this 28th day of October 1975,
APPROVED this 28th day of /^October 1$
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villag res id nt
ATTEST:
Village 1 rk
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G__28-74
us, : ri R C o!' 1264040
Centex Fomes Corporation
800 East '.Northwest Highway
Palatine, Illinois 60067
rJj Village of Elk Grove Village Fifty Six Thousand 56 ,000,00 i
Elk Grove Village, and 00/100 U.S. Dollars
Illinois
_-EXPIRY
„e 10-01 -78 October First, 1978
E illi ^ Chicago hrn abaCon
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Dear Sir(s),
0 of bNa hereby establish in your favor our !rrevocabia Letter of Credit No. 1264040 which is available —
'_! or negotiation of your draft at sight, drawn on Continental Illinois National Bank and Trust Company
of Chicago, Chicago, Illinois, bearing the clause: "Drawn under Continental Illinois National Bank
�! and Trust Company of Chicago, Chi-i!ago, their Credit No. 1264040 and accompanied by
dYour officially signed statement reading to the effect that Centex
e 1•bmes Corporation has not performed under its obligation to patch
of existing pavement and to construct a one-inch third lift of pavement c
76 on Howard St. , Brummel Ave. and Crossen Ave, in the Oakton-Iandmeier VL
9s commercial area of the Higgins Industrial Park in Elk Grove Village.
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The original of this letter of credit is in
the S fety Deposit Box at. rhe .a;n!: of Elk Grc