HomeMy WebLinkAboutRESOLUTION - 25-88 - 4/26/1988 - LOC ACCEPTED/2301 LUNTRESOLUTION NO. 25-88
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO.
5227906 FROM THE NORTHERN TRUST COMPANY EXPIRING APRIL 1, 1989
IN THE AMOUNT OF $15,246.00 GUARANTEEING CONSTRUCTION OF PUBLIC
IMPROVEMENTS FOR A.W. MENDENHALL - 2301 LUNT
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 an Irrevocable Letter of Credit No. 5227906
from the Northern Trust Company in the amount of $15,246.00 to guarantee
construction of public improvements at 2301 Lunt Avenue in accordance with
the approved plans and specifications with revisions dated March 14, 1988
prepared by Joseph F. Koenen. P.E., approved on March 21, 1988 and
agreements (including any amendments thereof) for the A.W. Mendenhall New
Facility Project. Said Letter of Credit expiring April 1, 1989.
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
APPROVED this 26th
ATTEST:
Patricia S. Smith
Village er
day of April , 1988.
day of April , 1988.
Charles J. Zettek
Village President
The NorthernTrust Con., -ny
International Department
K, Sax 92921
125 South Wacker Drive
Chicago, Illinois 6omn
TELEPHONE: (312)om0-eom0
ym�|.prADDRESS: umonoo**
IRREVOCABLE LETTER OF CREDIT
------------------------------
L/C NO.%227906 DATE APRIL Oi^ i988
BENEFICIARY APPLICANT
VILLAGE OF ELK GROVE VILLAGE THE FCL/%TAVA GROUP
901 WELLINTON AVENUE 1325 WILEY ROAD` SUITE 165
ELK GROVE VILLAGE, IL 60007 %CHAUMBURG, IL 60173
�7009lor 'Ile
L/C EXPIRATION DATE APRIL Oil 1989 -~n04�4 AGE
��o�/
L/C AMOUNT UP TO ~
05,246^00
U% DOLLAR
AMOUNT IN WORDS
US DOLLAR FIFTEEN THOUSAND TWO HUNDRED FORTY SIX AND OO/iOO
WE HEREBY ISSUE THIS LETTER OF CREDIT IN YOUR/ THE BENEFICIARY'S,
FAVOR WHICH IS AVAILABLE AGAINST YOUR DRAFTS AT SIGHT DRAWN ON
THE NORTHERN TRUST COMPANY/ CHICAGO/ ILLINOIS, BEARING THE NUMBER
AND THE DATE OF THIS CREDIT AND THE NAME OF OUR BANK.
YOUR DRAFTS MUST BE ACCOMPANIED BY THE FOLLOWING DOCUMENTS:
A SIGNED STATEMENT BY THE VILLAGE MANAGER OR ANY OTHER DULY
AUTHORIZED OFFICIAL OF THE VILLAGE OF ELK GROVE VILLAGE AS
FOLLOWS:
"WE HEREBY CERTIFY THAT ANY PORTION OF THE SITE IMPROVEMENTS HAS
NOT BEEN SATISFACTORILY COMPLETED IN ACCORDANCE WITH THE
APPROVED PLANS AND SPECIFICATIONS WITH REVISIONS DATED MARCH 14/
1988 PREPARED BY JOSEPH F. KOENEN/ P^E^' APPROVED ON MARCH
21, 1988 AND AGREEMENTS (INCLUDING ANY AMENDMENTS THEREOF) FOR
THE A.W. MENDENHALL NEW FACILITY PROJECT.''
ALL DRAFTS AND/OR DOCUMENTS PRESENTED TO U% MUST ACCOMPANY THIS
ORIGINAL LETTER OF CREDIT.
WE HEREBY ENGAGE WITH YOU THAT DRAFTS AND/OR DOCUMENTS PRESENTED
UNDER AND IN COMPLIANCE WITH THE TERMS AND CONDITIONS OF !HIS
CREDIT WILL BE DULY HONORED IF PRESENTED AT OUR OFFICE ON OR
BEFORE THE EXPIRATION DATE OF THE CREDIT.
THIS CREDIT IN SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITC3983 REVICIDN/I^C^C^/PUBLICATION NO^40O^