The URL can be used to link to this page

Home My WebLink AboutRESOLUTION - 26-88 - 4/26/1988 - LOC ACCEPTED/SHENANDOAH SUB/IICRESOLUTION NO. 26-88 A RESOLUTION RELEASING LETTER OF CREDIT NO. 1054 (IN THE AMOUNT OF $139,978.85) ACCEPTED BY RESOLUTION NO. 42-86 AND ACCEPTING IRREVOCABLE LETTER OF CREDIT NO. 1086 FROM ITASCA BANK & TRUST IN THE AMOUNT OF $33,611.00 EXPIRING MARCH 17, 1989 GUARANTEEING COMPLETION OF PUBLIC IMPROVEMENTS IN SHENANDOAH SUBDIVISION PHASE IIC NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and Du Page, State of Illinois: Section 1: That the President and Board of Trustees do hereby authorize the release of Irrevocable Letter of Credit No. 1054 in the amount of $139,978.85 and accent Irrevocable Letter of Credit No. 1086 from Itasca Bank & Trust in the amount of $33,611.00 guaranteeing the completion of public improvements in Shenandoah Subdivision Phase IIC. Said Letter of Credit expiring March 17, 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 Iii hasea Bank& Trust Co. 308 West Irving Park Road • Itasca, Illinois 60143 • (312) 773-0350 ITASCA SANK ? �^i14 Ip°1 r^ r a TRUST Cn. J .L .. ;;i.. I;;w mJ l.r IRREVOCABLE LETTER OF CREDIT NO. 1086 March 17, 1988 Village of Elk Grove Village 901 Wellington Avenue Elk Grove Village, Illinois 60007 RE: Shenandoah -Elk Grove Subdivision -Phase IIC Elk Grove Village, Illinois Gentlemen: We hereby establish an Irrevocable Credit in favor of the Village of Elk Grove Village, Illinois, an Illinois municipal corporation (herein called "Municipality") for the account of Itasca Bank & Trust Co. as Trustee under Trust #1264, dated April 11, 1978 (herein called "Owner"), 308 W. Irving Park Rd., Itasa, Illinois 60143, in the aggregate amount of $33,611.00. This Irrevocable Credit will be used exclusively to secure the construction of certain public improvements (herein called "Improvements") as listed on Exhibit A attached hereto, which are to be constructed within the development known as Shenandoah -Elk Grove - Phase II C (herein called "Development") pursuant to the following plans and specifications, (herein called "Plans and Specifications"). The municipality approved site development engineering drawings and specifications dated June 16, 1978 for Shenandoah -Elk Grove with revisions dated April 16, 1986, prepared by Elk Grove Engineering, 860 Lively Boulevard, Elk Grove Village, Illinois 60007, which have been previously submitted to, and approved by the Engineering Department of the Village of Elk Grove. The Development, which is owned by Itasca Bank & Trust Co. as Trustee under Trust #1264, dated April 11, 1978, 308 W. Irving Park Rd., Itasca, Illinois 60143, is legally described on Exhibit B attached to this letter. A Subsidiary of ITASCA BANCORP INC. This Irrevocable Credit shall remain in effect for a period of twelve (12) months from the date hereof, without regard to any default in payment of money owed to us by the Owner and/or Developer and without regard to other claims which we may have against the Owner and/or Developer. If within said twelve (12) months from the date hereof we rceived written notice of a Resolution from the Municipality, reciting that the installation and construction of the Improvements has not been completed on or before March 1, 1989 as agreed by the Municipality and the Developer, you are then authorized to demand payment from the Itasca Bank & Trust Co., 308 W. Irving Park Rd., Itasca, Illinois 60143, by drawing drafts at sight when accompanied by the certificate of the Municipality stating that the Owner and/or Developer has defaulted in its obligation to complete the Improvements, and further certifying that the Municipality has notified the owner of its intention to draw under this Irrevocable Credit at least five (5) days prior to the date of drawing, we shall make payments for materials and labor to contractors, subcontractors or the Municipality who have completed the Improvements in accordance with the Plans and Specifications. Partial drawings are permitted under this Irrevocable Credit. All drafts must be marked: "Drawn under the Irrevocable Credit No. 1086 of Itasca Bank & Trust Co., 308 W. Irving Park Rd., Itasca, Illinois 60143, dated March 17, 1988 to secure the construction of Improvements within the Shenandoah -Elk Grove Subdivision". The principal amount of this Irrevocable Credit shall be reduced for any public improvements installed or completed as approved by the Village Engineer in writing with supporting waivers, liens and affidavits from contractors or subcontractors furnishing material or performing work to complete these Improvements. If within thirty (30) days of the date of any demand (made in conformity with this Irrevocable Credit) presented, we fail to honor same, we agree to pay all attorney fees, court costs and other reasonable expenses incurred by the Municipality in enforcing the terms of this Irrevocable Credit. Ninety (90) days prior to the expiration of this Irrevocable Credit, we shall notify the Municipality, attention Village Manager, certified mail, return receipt requested, of the impending expiration date. This Irrevocable Credit shall not terminate without such written notice. If the Improvements covered by this Irrevocable Credit have not been completed within the time set forth herein, the Municipality may draw upon these funds in the manner recited above for an additional period of six (6) months next following the expiration of the term of this Irrevocable Credit. The sum of this Irrevocable Credit shall be reduced in the amount of disbursements made, from time to time, in accordance with the terms of this Irrevocable Credit, as recited above. In addition, prior to expiration, this Irrevocable Credit shall be reduced by tha value of all Improvements constructed and certified by the Village Engineer of the Municipality that said Improvement have been properly completed. we hereby certify and agree that all drafts drawn under, and in compliance with, the terms of this credit will be duly honored by us on delivery of documents as specified if presented at the specified office within the time limits recited herein. ITASCA BANK & TRUST CO. ATTEST: