HomeMy WebLinkAboutRESOLUTION - 11-05 - 3/22/2005 - LOC RELEASE/CHICAGO FIBER OPTIC CORPRESOLUTION NO. 11-05
A RESOLUTION RELEASING AN IRREVOCABLE STANDBY LETTER OF CREDIT
NO. 970804 DATED MAY 20,1998 FROM NATIONSBANK, N.A. IN THE AMOUNT OF
$5,000.00 (ACCEPTED BY RES. NO. 21-98) TO SECURE OBLIGATIONS OF THE
FRANCHISE AGREEMENT OF CHICAGO FIBER OPTIC CORPORATION d/b/a
METROPOLITAN FIBER SYSTEMS OF CHICAGO, INC. ("MFS")
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois:
Section 1: That the Mayor and Board of Trustees do hereby authorize the release of
Irrevocable Standby Letter of Credit No. 970804, dated May 20, 1998 from Nationsbank, N.A. in
the amount of $5,000.00 accepted by Resolution No. 21-98 with Chicago Fiber Optic
Corporation, d/b/a Metropolitan Fiber Systems of Chicago, Inc. ("MFS") pursuant to the terms
and provisions of that certain Franchise Agreement adopted by Ordinance No. 2303A; said Letter
of Credit expiring May 20, 2005.
Section 2: That this Resolution shall be in full force and effect from and after its passage
and approval according to law.
VOTE: AYES: 5 NAYS: 0 ABSENT: 1
PASSED this 22°d day of March 2005
APPROVED this 22°d day of March 2005
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Ann I. Walsh, Village Clerk
LOCrelease hiwg*jbwOptic
6929 N. Lakewood Ave.
Tulsa, OK. 74117
January 31, 2005
Village of Elk Grove, IL.
Attn: Village Manager
901 Wellington Avenue
Elk Grove Village, IL 60007-3499
Tel: 847-439-3900
FAX: 867-357-4044
Re: Release Letter
Letter of Credit #: 292903, 10/23/02
Dear Customer: 970804 —10/01/1999 (date issued)
This letter confirms that the (LETTER OF CREDIT) is hereby released from any past, present or future
liability relating to the above mentioned letter of credit.
We require your signature below as acknowledgement that the Letter of Credit is no longer is required.
Please return the signed release letter and the original copy of the above mentioned Letter of Credit in the
enclosed return envelope provided for your convenience. Your cooperation in this matter is greatly
appreciated.
Best Regards,
Steve Stull
Right -of -Way & Agreements Specialists
MCI Right -of -Way Department
Countersignature of Obligee
Raymond R. Rummel March 22, 2005
(Signature) (Date)
Raymond R. Rummel, Assistant Village Manager
(Type Name and Title)