HomeMy WebLinkAboutRESOLUTION - 20-88 - 3/8/1988 - LOC RELEASE/ACCEPT/STAPES SUB/IRESOLUTION NO. 20-88
A RESOLUTON RELEASING LETTER OF CREDIT NO. 191-802659
ACCEPTED BY RES. NO. 55-87 (IN THE AMOUNT OF $295,849.85)
AND ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 191-
802659 FROM IRVING FEDERAL SAVINGS AND LOAN IN THE AMOUNT
OF $110,000.00 GUARANTEEING COMPLETION OF PUBLIC IMPROVE-
MENTS IN STAPE'S SUBDIVISION PHASE I (WINDEMERE)
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 release of an Irrevocable Letter of Credit No. 191-802659
from Irving Federal Savings and Loan in the amount of $295,849.85 and
accept an Irrevocable Letter of Credit No. 191-802659 from Irving Federal
Savings and Loan in the amount of $110,000.00, expiring on May 1, 1988,
guaranteeing the completion of public improvements for property known as
Stape's Subdivision Phase I (Windemere Subdivision).
Section 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this
APPROVED this
ATTEST:
Ilafern R. Snick
Deputy Village Clerk
8th day of
8th day of
March , 1988.
March , 1988.
Charles J. Zettek
Village President
and loan association
Elk Grove Village
901 Wellington
Elk Grove, Illinois 60007
IRREVOCABLE LETTER OF CREDIT 191-802659
PROJECT: Staple's Subdivision Phase I
Elk Grove, Illinois
AMOUNT: $110,000.00
EXPIRATION DATE: May 1, 1988
Applicant: Terrestris Development Company
900 Commerce Drive
Suite 205
Oak Brook, Illinois 60521
Beneficiary: Village of Elk Grove
901 Wellington
Elk Grove, Illinois
Dear Sirs:
We hereby establish in your favor our Irrevocable Letter of
Credit No. 191-802659, which is available for negotiation of your
drafts at sight, drawn on us, and bearing the clause "drawn under
Irving Federal Savings and Loan Association Letter of Credit 191-
802659."
We hereby engage with drawers and/or bonafide holders that drafts
drawn and negotiated in conformity with the terms of this Letter
of Credit will be duly honored on presentation and that drafts
accepted within the term of this Letter of Credit will be duly
honored on or before the expiration date of this credit.
Drafts drawn under this Letter of Credit must be drawn and
presented together with the accompanying documentation at our
office located in Arlington Heights, Illinois not later than
May 1, 1988.
Drafts must be drawn under this Letter of Credit. We hereby
engage with you that all drafts and/or documents will be duly
honored upon presentation to us.
MEMBER 180 2 gj5.$19tR3ing Park Road Chicago, Illinois 60618-3284 (312) 478-3131
FSLIC ❑ 4100 Lawrence Avenue Chicago, Illinois 60630-2894 (312) 286-1919
F IM06��GW ❑ Elston Plaza 3227 Addison Street Chicago, Illinois 606184328 (312) 478-5777
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❑Ri aPlaza 770WDundee Arlington Heights, Illinois 60004-1598 (372)577.8100 LENDER
Page 2 LC191-802659
This documentary credit is subject to the "Uniform Customs and
Practice for Documentary credits" 1983 Revision International
Chamber of Commerce Publication 400.
IRVING FEDE SAWA
ASSOCIATION
�
Ja es R. DeVuono
ce President
T �
Attest:(»
Assistant Vice President
191802659.wcs