HomeMy WebLinkAboutRESOLUTION - 57-91 - 11/26/1991 - LOC ACCEPTED/TALBOT'S MILL SUB RESOLUTION NO. 57-91
A RESOLUTION AMENDING LETTER OF CREDIT NO. SPL30433
FROM HARRIS BANK IN THE AMOUNT OF $404,629.00 EXPIRING
MAY 1, 1992 TO GUARANTEE COMPLETION AND INTERIM MAINTENANCE
OF PUBLIC IMPROVEMENTS FOR TALBOT'S MILL SUBDIVISION
(DEVON/I-290)
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 amend
Irrevocable Letter of Credit No. SPL30433, previously accepted by
Resolution No. 4-90, from the Harris Bank by decreasing the amount of
$964,605.00 to $404,629.00 to guarantee completion and interim maintenance
of Public Improvements for Talbot's Mill Subdivision in accordance with the
Engineering plans and specifications with revisions dated May 5, 1989,
prepared by Fletcher Engineering, approved on April 12, 1989 and agreements
(including any amendment thereof) . Said Letter of credit expiring May 1,
1992.
Section 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 26th day of November 1991.
APPROVED this 26th day of November 1991.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
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HARRIS 1. -ris Trust and Savings Bank Att, etter of Credit Section
MNK® Telephone: (312) 461-3894 P.O. Box 755
tJ-3Chicago, Illinois 60690-0755
OUR IRREVOCABLE STANDBY LETTER OF DATE: NOVEMBER 4, 1991
CREDIT NUMBER SPL30433 PAGE: 1
APPLICANT: BENEFICIARY:
TALBOT'S MILL LIMITED PARTNERSHIP VILLAGE OF ELK GROVE VILLAGE
C/O KIMBALL HILL, INC. 901 WELLINGTON AVENUE
5999 NEW WILKE ROAD, SUITE 504 ELK GROVE
ROLLING MEADOWS, IL 60008 ILLINOIS 60007
THIS IS THE ORIGINAL AMENDMENT.
THIS IS AMENDMENT NUMBER: 2.
GENTLEMEN:
WE HEREBY AMEND THE TERMS OF OUR LETTER OF CREDIT NUMBER SPL30433 AS FOLLOWS:
THE AMOUNT OF THIS LETTER OF CREDIT HAS BEEN DECREASED BY USD 173,001.00 TO A
NEW BALANCE OF USD 404,629.00.
THE EXPIRY DATE IS CHANGED TO: MAY 1, 1992.
ALL OTHER TERMS AND CONDITIONS OF THIS LETTER OF CREDIT REMAIN UNCHANGED.
HARRIS TRUST AND SAVINGS BANK
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AUTHORI ED SIGNATURE
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jL HARRIS i--rris Trust and Savings Bank Att. wetter of Credit Section
��K� Telephone: (312) 461-3894 P.O. Box 755
'� Chicago, Illinois 60690-0755
MAIL TO: NOVEMBER 4, 1991
VILLAGE OF ELK GROVE VILLAGE OUR STANDBY LETTER OF CREDIT
901 WELLINGTON AVENUE NUMBER: SPL30433
ELK GROVE
ILLINOIS 60007
GENTLEMEN:
AT THE REQUEST OF TALBOT'S MILL LIMITED PARTNERSHIP ,WE ENCLOSE OUR ORIGINAL
STANDBY LETTER OF CREDIT AMENDMENT.
IF THE TERMS OF THE AMENDMENT ARE NOT ACCEPTABLE TO YOU, PLEASE CONTACT THE
APPLICANT DIRECTLY.
PLEASE SIGN AND RETURN THE ATTACHED COPY OF THE AMENDMENT TO THE HARRIS TRUST
AND SAVINGS BANK AS YOUR AGREEMENT TO THE REVISION(S) DETAILED WITHIN.
IN ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT, PLEASE QUOTE OUR LETTER
OF CREDIT NUMBER SPL30433.
IF YOU HAVE ANY QUESTIONS REGARDING THIS LETTER OF CREDIT, PLEASE CALL (312 )
461-6460.
HARR/THORIZED
T AND SAVINGS BANK
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