HomeMy WebLinkAboutRESOLUTION - 22-87 - 3/24/1987 - LOC AMENDMENT 1RESOLUTION NO. 22-87
A RESOLUTION ACCEPTING AMENDMENT NO. 1 TO LETTER OF CREDIT
SPL 28304 (ORIGINALLY ADOPTED BY RESOLUTION NO. 62-86)
DECREASING THE AMOUNT FROM $1,623,407.50 TO $657,281.00
EXPIRING JULY 21, 1987 FROM HARRIS BANK (TERRESTRIS
DEVELOPMENT CORPORATION) FOR PROPERTY COMMONLY KNOWN AS
STAPE'S SUBDIVISION PHASE II, 111, IV (WINDEMEREI
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 acceptance of Amendment No. 1 to Letter of Credit No.
SPL 28304 decreasing the amount from $1,623,407.50 to $657,281.00 from
the Harris Bank, Chicago, Illinois, (Terrestris Development) to
guarantee completion of public improvements for property commonly known
as Stape's Subdivision Phase II, III, and IV (Windemere). Said Letter
of Credit expiring July 21, 1987.
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 March , 1987.
APPROVED this 24th day of March , 1987.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
INTERNATIONAL OPERATIONS DIVISION
P.O. Box 755
Chicago, Illinois60690
OL
I "" ' SPL28304
BENEFICIARY:
ELK GROVE VILLAGE
901 NIELLINGTON
ELK. GR.OIJE
ILLINOIS 60007
`L HARRIS Cable Address: HARRISBANK
Telex: 25-3417 (HARISINT CGO)
�'` BMn ® Swift Address: HATRUS44
THIS IS THE ORIGINAL AMENDMENT.
FEBRUARY 18, 1987
PAGE 1
AMENDMENT AMOUNT:
USD 966,126.50
U. S. DOLLARS
NINE HUNDRED SIXTY-SIX
THOUSAND ONE HUNDRED TWENTY-
SIX AND 50/100.
APPLICANT:
TERR.ESTR.IS DEVELOPMENT COMPANY
C/O FIRST SAVINGS CORPORATION
P. 0. BOX 4444
CHICAGO
ILLINOIS 60680
THIS IS AMENDMENT NO. 1
WE HAVE AMENDED THE TERMS OF OUR LETTER OF CREDIT NO. SPL28304
AS FOLLOWS:
THE AMOUNT OF THIS L/C HAS BEEN DECRD. BY USDLRS 966,126.50
TO A MEW BALANCE OF $657,281.00.
ALL OTHER TERMS AND CONDITIONS OF THIS LETTER OF CREDIT REMAIN
UNCHANGED.
HARRIS TRUST AND SAVINGS BANK
AUTHOR17-ED SIGNATURE