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HomeMy WebLinkAboutRESOLUTION - 34-63 - 11/7/1963 - SUBSTITUTION CENTEX FOR EG WATER SEWER1 SCLUTT_ . NO. ;�y-63 RESOLUTION OF THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF ELK GROVE VILLAGE, COOK AND DU PAGE COUNTIES ILLINOIS WHEREAS, under date of December 20, 1962, the Uillage of Elk Grove Village (hereinafter called "Village") entered into a Purchase Agreement with Elk Grove Water and Sewer Company, Inc,, an Illinois public utility corporation (hereinafter called the "Company"), in paragraph 7 of which Purchase Agreement it was provided among other things that the Company would construct in the area bounded by Arlington Heights Road, Biesterfield Road, Bisner Road and Cosman Road an elevated storage tank of at least 500,000 gallons capacity, a well drilled to and drawing water from the Galesville sandstone formation, pump(s) and other related facilities at a total cost of t,180,000, which said amount was to be paid for by the Village out of the proceeds of its Revenue Bond issue; and WHEREAS, under date of March 21, 1963, the Company further by letter addressed to the President and Board of Trustees of the Village evidenced its obligations to construct the aforesaid facilities and to transfer and convey the same to the Village upon the terms and conditions therein set forth, including payment of the specified purchase price of $180,000; and WHEREAS, subsequent to March 21, 1963, the Company has ceased to conduct a water and sewer business in the Village and has surrendered its franchises obtained from the Village and its Certificates of Convenience and Necessity obtained from the Illinois Commerce Commission and plans to liquidate and is, there- fore, desirous of being relieved of its obligations to construct the said facilities and to transfer and convey the same to the Village upon the terms and conditions specified in said paragraph r� 7 of said Purchase A reement and in said letter "�f March 21, 1963; and WHEREAS, Centex Construction Company, Inc., A Delaware Corpora- tion, a developer in the Village and an affiliate of the Company, has indicated its willingness to comply with the obligations of the Company for construction and transfer and conveyance of said facili- ties upon the terms and conditions hereinbefore set forth and upon the further condition that the Company be relieved of its obligations under paragraph 7 of said Purchase Agreement and the Company's letter of March 21, 1963; NOW, THEREFORE, be it and it is hereby resolved by the President and Board of Trustees of the Village of Elk Grove Village, Cook and DuPage Counties, Illinois, as follows: Section 1. That the Village accept the offer of Centex Construction Company, Inc. to construct the said facilities and to transfer and convey the same to the Village for the said purchase price of 0180,000. Section 2. That the President of the Village be and is here- by authorized for and on behalf of the Village to enter into nego- tiations leading to a specific contract with Centex Construction Company, Inc. for the construction and installation of said facili- ties for said purchase price of $180,000. Section 3. That upon the execution and delivery of a contract between the Village and Centex Construction Company, Inc., the Elk Grove Water and Sewer Company, Inc. shall be relieved of any and all of its liabilities to be assumed in connection with paragraph 7 of said Purchase Agreement and said letter of March 21, 1963. Section 4. That the Village Clerk be and is hereby authorized and directed to send a certified copy of this resolution to Centex Construction Company and the Elk Grove Water and Sewer Company in -2- care of George Jirgal of the law firm of Chapman and Cutler, 111 West Monroe Street, Chicago, Illinois. Section 5. This resolution shall be in full force and effect immediately and forthwith upon its adoption. PASSED AND APPROVED this 7th day of November , 1963 :Att est : Eleanor G. Turner Village Clerk— .3— James R. Gibson President . - � . ., .� i. .. l'.. - ,. t .... .. ' ... -. ..