HomeMy WebLinkAboutRESOLUTION - 37-88 - 5/24/1988 - LOC ACCEPTED/555 W. BIESTERFIELD RDRESOLUTION NO. 37-88
A RESOLUTION ACCEPTING AN IRREVOCABLE STANDBY LETTER OF CREDIT
NO. 46665 FROM NBD ELK GROVE BANK EXPIRING MARCH 14, 1989 IN
THE AMOUNT OF $4,114.00 TO GUARANTEE THE CONSTRUCTION OF PUBLIC
IMPROVEMENTS AT 555 W. BIESTERFIELD ROAD (Charles Bova.iian)
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 Irrevocable Standby Letter of Credit No. 4666S
from NBD Elk Grove Bank in the amount of $4,114.00 to guarantee completion
of public improvements for Charles Boyajian, 555 W. Biesterfield Road in
accordance with the approved plans and specifications prepared by Elk Grove
Engineering Company dated October 16, 1987. Said Letter of Credit expiring
March 14, 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
24th
day
of
May
, 1988.
APPROVED
this
24th
day
of
May
, 1988.
Michael A. Tosto
Village President pro tem
ATTEST:
Patricia S. Smith
Village C er
NBD Elk Grove Bank
`
100 East Higgins Road
Elk Grove Village, Illinois 60007
PAGE ONE OF TWO PAGES
312/439-1888 Telex: 206806/190278
Cable: BANKELGR
INTERNATIONAL BANKING DEPARTMENT
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 46665 DATE: April 12,
1988 -` `
BENEFICIARY: -
- APPLICANT: - -
-Village of Elk Grove Charles Boyajian
_ - --
=_ 901 Wellington Avenue 555 W. Biesterfield Rd.
Elk Grove, IL 60007 Elk Grove, IL 60007
=!�I
- - -Amount: US$4,114.00 (Four Thousand I.—
One Hundred Fourteen
and no/100
r - US Dollars)
-!i —
_
--Expiry: 'March 14, 1989
AT NBD ELK GROVE BANK _ I
Gentlemen:
_ = 11
', We hereby establish in your favor our Irrevocable Standby Letter of Credit which
- rlrr
I',. :ias available for payment of your draft(s) drawn at sight on us and bearing the
-! ==clause: "Drawn under NBD Elk Grove Bank, Elk Grove Village, Illinois Letter of
=_Iil:[i
:= ."Credit No. 46665," and accompanied by the following documents:
--A signed statement by the Village Manager or any other duly authorized official
of the Village of Elk Grove certifying that any portion of the site improvements
has not been satisfactorily completed in accordance with the approved plans and
specifications prepared by Elk Grove Engineering Company dated October 16, 1987
- on the property known as 555 W. Biesterfield Road, Elk Grove, IL.
INSTRUCTIONS:
_.-OTHER
-Partial drawings are permitted under this Irrevocable Letter of Credit.
_ Said drafts may be submitted for payment for a ninety (90) day period
_ following the completion date of this Irrevocable Letter of Credit and
_ said draft shall be duly honored upon presentation during the ninety (90)
days in accordance with the terms and provisions herein contained.
--It is a conditions of this Irrevocable Letter of Credit that it shall be -
automatically extended for one year from the present expiration date hereof,
unless thirty (30) days prior to such expiration date the Village Manager
-
shall notify the undersigned in writing, certified mail, return receipt
requested that he or she, based upon the advice and supporting documentation
from the Village Engineer that he or she does elect not to arbitrarily
request renewal of this Irrevocable Letter of Credit for such additional
one (1) year period without due cause. ^
Its:
NBD Elk Grove Bank
100 East Higgins Road
•
Elk Grove Village, Illinois 60007
312/439-1888 Telex: 206806/190278 PAGE TWO OF TWO
PAGES
Cable: BANKELGR
-
INTERNATIONAL BANKING DEPARTMENT
=
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 4666S CONTINUED Date: April 12,
1988 -
- --The undersigned shall notify the Village Manager, by certified mail, return
_ receipt requested, at least ninety (90) days prior to said expiration date
that said Irrevocable Letter of Credit is about to expire. It is expressly
- agreed by the undersigned that the expiration date shall be automatically
extended as shall be required to comply with this notice provision and
the requirements stated previously.
_ --Banking charges other than those of NBD Elk Grove Bank are for the account
of the beneficiary.--
eneficiary.
We undertake that all drafts drawn in conformity with the terms of this Letter
We
of Credit will be duly honored if prese..L�d to us together with the original of
_ this Letter of Credit on or before the expiry date.
_ This Credit is subject to the "Uniform Customs and Practice for Documentary
Credits (1983 Revision), International Chamber of Commerce Brochure No. 400."
-"'__•,, "_-'
Very truly yours,
NBD Elk Grove Bank
By: — By:
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Y
Its: Its: �i11`E�t��FZl�f�� hFrt�Ult�C
--