HomeMy WebLinkAboutRESOLUTION - 5-86 - 1/14/1986 - LOC EXTENSION/REGENCY SQUARE PHASE II RESOLUTION NO. 5-86
A RESOLUTION ACCEPTING AND PLACING ON FILE AN EXTENSION TO AN
IRREVOCABLE LETTER OF CREDIT FROM THE FIRST NATIONAL BANK OF
BLUE ISLAND NO. 14471 (EXPIRING AUGUST 28, 1986) IN THE AMOUNT
OF $22,385.00 TO GUARANTEE THE COMPLETION OF CONSTRUCTION AND
MAINTENANCE OF PUBLIC IMPROVEMENTS IN THE REGENCY SQUARE PHASE
II NORTH DEVELOPMENT AND THE KENT STREET EXTENSION (PREVIOUSLY
ADOPTED BY RESOLUTION NO. 11-82 AND AMENDED BY RESOLUTION NO.
70-83, 69-84, AND 74-85)
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of
the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois:
Section 1: That the President and Board of Trustees do hereby authorize
the acceptance of an irrevocable Letter of Credit from the First National Bank
of Blue Island, No. 14471 in the amount of $22,385.00, expiring August 28, 1986,
to guarantee the completion of construction and maintenance of public improvements
in the Regency Square Phase II North Development and the Kent Street Extension,
copies of which are attached hereto and made a part hereof as if fully set forth.
Section 2: That this resolution shall be in full force and effect from and
after its passage and approval according to law.
PASSED this 14th day of January , 1986.
APPROVED this 14th day of January , 1986.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
V '
FIRST NATIONAL BANK
OF BLUE ISLAND
13057 S.WESTERN AVENUE • BLUE ISLAND,ILLINOIS 60406 • 385-2200
O VIRREVOCABLE LETTER OF CREDIT
o
DATE OF E%TENSION: December 31, 1985
LETTER OF CREDIT NUMBER: 14471
BENEFICIARY APPLICANT
Village of Elk Grove Bianco Construction Company
901 Wellington Avenue 1100 Industrial Drive
Elk Grove, IL 60007 Bensenville, IL 60101
Gentlemen:
Please be advised that First National Bank of Blue Island is
extending Letter of Credit #14471, with an outstanding liability
of $22,385. 00, for Two Hundred Forty (240) days from December 31,
1985 to August 28, 1986.
All other terms and conditions of Letter of Credit #14471 will
remain the same.
FIRST NATIONAL BANK OF BLUE ISLAND
L �� �E '�C fQ�vE�/tiG LZ ------
Edward K. Aldworth, Senior Vice President