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Home My WebLink AboutRESOLUTION - 29-87 - 5/26/1987 - LOC/TOUHY HIGGINS SUBDIVISIONRESOLUTION NO. 29-87 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 8834 FROM CITIZENS BANK & TRUST CO. OF PARK RIDGE EXPIRING FEBRUARY 1, 1988 IN THE AMOUNT OF $71,500 TO GUARANTEE THE CONSTRUCTION OF AN OFFSITE WATER MAIN EXTENSION IN THE TOUHY/HIGGINS SUBDIVISION 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. 8834 from Citizens Bank and Trust Company of Park Ridge in the amount of $71,500.00 to guarantee the completion of public improvements for the Touhy/Higgins Subdivision Offsite Watermain Extension described in the engineering plans and specifi- cations dated April 21, 1987, prepared by Cowhey, Gudmundson Leder, Ltd., One Pierce Place, Itasca, Illinois 60143 on property described in Exhibit "A" attached hereto and made a part hereof. Said Letter of Credit expiring February 1, 1988. 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 day of May , 1987. APPROVED this 26th day of May , 1987. Charles S. Zettek Village President ATTEST: Patricia S. Smith Village Clerk EXHIBIT "A" LEGAL DESCRIPTION TOUHY/HIGGINS SUBDIVISION BEING A SUBDIVISION IN THE WEST HALF OF THE NORTHWEST QUARTER OF SECTION 36, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. A S> u-ras' uanc May 5, 1987 Village of Elk Grove Village 901 Wellington Avenue Elk Grove Village, IL 60007 Gentlemen: '�sr� rc�a-�. ii'.. moa gDOc3 G MAV. 71887 �n'i'ilh�fiFlli,f. Our Letter of Credit No. 8834 issued in your favor at the request of McLennan Commercial Industrial Brokerage Company in the amount of Seventy One Thousand Five Hundred and No/100 Dollars ($71.500.00) was ration All other terms and conditions remain unchanged. This letter is to be attached to and become an integral part of the original credit instrument. CITIZENS BANK & TRUST COMPANY A thorized nature Issuing Bank cc: McLennan Commercial Industrial Brokerage Co. ��. .:r- �'i�,_Eo�a�a', US>_ .,_. _,r CD LGA _ MA`I 41987 ENGH%EERiN DEPT. IRREVOCABLE DOCUMENTARY LETTER OF CREDIT Village of Elk Grove Village 901 Wellington Avenue Elk Grove Village, IL 60007 Gentlemen: DATE April 30. 1987 LETTER OF CREDIT NO. 8834 LETTER OF CREDIT NO. _ 8834 DATE April 30, 1987 PROJECT COMPLETION EXPIRATION We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of McLennan Commercial Industrial Brokeraae Companv. 25 North North - called the "Developer", in wne ayyreyar.e a"ruum. ur ievenr.y une inuuz>anu rive nunureu anu rvu/ruu Uur=ars--- ($71,500.00), U.S. Currency, available by your draft drawn on sight and marked "Drawn under Citizens Bank & Trust Company, Letter of Credit No. 8834 dated April 30, 1987 =. These monies are to guarantee the completion of public improve- ments for the following project: Touhy-Higgins Subdivision Offsite Watermain Extension (the "Project") described in the engineering plans and specifications dated April 21, 1987, prepared by Cowhey, Gudmundson Leder, Ltd., One Pierce Place, Itasca, Illinois 60143. Monies may be drawn on sight by the Village of Elk Grove Village when 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 certifying that any portion of the Offsite Watermain Ex- tension has not been satisfactorily completed in accordance with the plans and specifications dated April 21, 1987, prepared by Cowhey Gudmundson Leder, Ltd. for the following project: Touh -Hi ins Subdivision Offsite Watermain Extension the "Project" The improvements in the above described project consist of: [J Offsite Watermain Extension and Appurtenances IRREVOCABLE DOCUMENTARY LETTER OF CREDIT Date: April 30, 1987 Page: 2 The improvements itemized above shall be completed on or before September 30, 1987. If said improvements have not been properly installed and satisfactorily completed on or before that date as reasonably determined by the Village Engineer, then the Village of Elk Grove Village (the "Village") is hereby granted authority to draw upon this Irrevocable Letter of Credit for the purpose of completing fully said improvements in accordance with the provisions herein and above set forth. The principal amount of this Irrevocable Letter of Credit shall not be reduced for any public improvements installed or completed unless such reduction is approved by the Village Engineer in writing and then only in the exact amount of such payments less 10% for the interim maintenance. This remaining amount shall never be reduced to an amount less than 110% of the estimated costs to complete the remaining public improvements plus 10% of the cost of the completed public improvements as a guarantee for maintenance purposes. The Village may submit its sight drafts as herein above provided without the consent of McLennan Commercial Industrial Brokerage Company or any other party. 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. If, within thirty (30) days of the date of any demand (made in conformity with this Irrevocable Letter of Credit) presented, we fail to honor same, we agree to pay all attorney fees, court costs and other reasonable expenses incurred by the Village of Elk Grove Village in enforcing the terms of this Irrevocable Letter of Credit. The amount of each draft must be endorsed on the reverse side of the original Irrevocable Letter of Credit by the Village Engineer and attested by the Clerk. This Irrevocable Letter of Credit shall be utilized to secure the installation of all improvements required under the Municipal Code of the Village of Elk Grove Village and specified on the engineering drawings and in the specifications and agreements. This Irrevocable Letter of Credit shall not operate as a limitation upon the obligation of McLennan Commercial Industrial Brokerage Company to properly completely install all improvements required by the Village of Elk Grove Village. It is a condition of this Irrevocable Letter of Credit that it shall be auto- matically 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. IRREVOCABLE DOCUMENTARY LETTER OF CREDIT Date: April 30, 1987 Page: 3 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. This Irrevocable Letter of Credit is subject to the "Uniform Customs and Practice for Documentary Credit, the International Chamber of Commercial Publication #400, most recent revision," except as herein above modified. We hereby agree with the draws, indorsers, and bona fide holders of drafts drawn in compliance with the terms of this credit that they shall be honored on presentation. Dated: April 30, 1987 Issuing ancial In ti tion BY: '� n; inda S./Coun Developer/Owner Citizens Bank & Trust Company ial Loan Officer "The undersigned hereby acknowledges the absolute right of the Village of Elk Grove Village to draw on this Irrevocable Letter of Credit subject to the conditions herein set forth and waives any right to enjoin the Village from so proceeding." Date: t,�� McLennan Commercial n trial Brokerage Company Developer/Owner: (1)/ / i SEAL *Note: (1) If property is in a trust, attach a copy of the Trust Agreement as an Exhibit.