HomeMy WebLinkAboutRESOLUTION - 31-86 - 4/22/1986 - LOC ACCEPT/BONDIOLIRESOLUTION NO. 31-86
A RESOLUTION ACCEPTING AN IRREVOCABLE STANDBY LETTER OF
CREDIT FROM THE BANK OF ELK GROVE, NO. 32375, IN THE AMOUNT
OF $5,000.00 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS
FOR BONDIOLI SUBDIVISION EXPIRING DECEMBER 31, 1986
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 Standby Letter of Credit
from the Bank of Elk Grove in the amount of $5,000.00 to guarantee
completion of public improvements in accordance with the Approved plans
and specifications with revisions, prepared by Donald Ciaglia, Chia Co.
approved on February 24, 1981 by Tom Cech and agreements including any
amendments thereof for Bondioli Subdivision. Said Letter of Credit No.
3237S expires December 31, 1986 and legally described on Exhibit "A".
Section 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 22nd
APPROVED this 22nd
ATTEST:
Patricia S. Smith
Village Clerk
day of April , 1986.
day of April , 1986.
Charles J. Zettek
Village President
EXHIBIT "A"
LEGAL DESCRIPTION
BEING A SUBDIVISION IN THE NORTHEAST QUARTER OF THE
SOUTHEAST QUARTER OF SECTION 27, TOWNSHIP 41 NORTH,
RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN IN
COOK COUNTY, ILLINOIS.
BankofElkGmw
100 East Higgins Road, Elk Grove Village, Illinois 60007
Cable. BANKELGR Telex: 206806 Phone: (312) 439-1888
INTERNATIONAL BANKING DEPARTMENT
IRREVOCABLESTANDBYLETTER OF CREDIT NO. 32375
PAGE ONE OF M PAGFS
DATE: April 4, 1986
ADVISING BANK: APPLICANT: B & B Real Estate Mgmt.
1433 S. Linden
Park Ridge, IL 60068
BENEFICIARY: VILLAGE OF ELK GROVE AMOUNT: $5,000.00 (Five Thousand
901 Wellington Avenue and no/100 US Dollars)
Elk Grove Village,
Illinois 60007
EXPIRATION DATE: December 31, 1986
AT THE BANK OF ELK GROVE
Gentlemen:
We hereby establish in your favor our Irrevocable Standby Letter of Credit which
is available for payment of your draft(s) drawn at sight on us and bearing the
clause: "Drawn under the Bank of Elk Grove, Elk Grove Village, Illinois Letter
of Credit No. 3237S ," and accompanied by the following documents:
Statement purportedly signed by the Village Manager or any other duly authorized
official of the Village of Elk Grove Village certifying that any portion of the
site improvements has not been satisfactorily completed in accordance with
the Approved plans and specifications with revisions, prepared by Donald Ciaglia,
Chia Co. approved on February 24, 1981 by Tom Cech and agreements including any
amendments thereof for the following project:
Bondioli Subdivision
(the "Project"), on property legally described in Exhibit A.
The above shall be completed On ot before June 19, 1986. If said improvements
have not been properly installed nd satisfactorily completed on or before that
date as reasonably determined by he Village Engineer, then the Village of Elk
Grove Village (the "Village") is ereby granted authority to draw upon this
Irrevocable Letter of Credit for he purpose of comZleting fully said improvements
in accordance with the provision 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 interim maintenance. This remaining amount shall never
s� Bankof E1kGrove PAGE TW OF TW PAGES
100 East Higgins Road. Elk Grove Village, Illinois 60007
Cable: BANKELGR Telex: 206806 Phone: (312) 439-1888
INTERNATIONAL BANKING OEPARTMENT April 4, 1986
be reduced to an amount less than 1107 of the estimated costs to complete the
remaining public improvements plus 107 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 the B&B REAL
ESTATE MANAGEMENT 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 day (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 install-
ation of all improvements required under the Minicipal Code of the Village of
Elk Grove Village and specified on the engineering drawings and in the specifica-
tions and agreements. This Irrevocable Letter of Credit shall not operate as a
limitation upon the obligation of the B&B Real Estate Management 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
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.
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.
We undertake that all drafts drawn in conformity with the terms of this Letter
of Credit will be duly honored if presented 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 Ncl. 400."
Very truly yours,
Bank of Elk Grove
By: By: 'UA`
Its: Its: IrrreRNAiI M 9tV1 CF