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Home My WebLink AboutRESOLUTION - 40-86 - 6/10/1986 - LOC/LA PETITE ACADEMYRESOLUTION NO. 40-86 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. D 2549 IN THE AMOUNT OF $2,600.00 EXPIRING DECEMBER 30, 1986 FROM CENTERRE BANK OF KANSAS CITY TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS FOR LA PETITE ACADEMY (LOT 2 OF FORD CITY 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. D 2549 from Centerre Bank of Kansas City in the amount of $2,600.00 to guar- antee completion of Public Improvements in accordance with approved plans and specifications with revisions dated April 16, 1986 prepared by Christian-Roge & Ribando, 518-B South Lake Street, Aurora, Illinois 60506, approved on April 18, 1986 and agreements including any amend- ments thereof on property legally described on Exhibit "A". Said letter of credit expires December 30, 1986. Section 2. That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 10th day of June 1986. APPROVED this 10th day of June 1986. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk EXHIBIT "A" Legal Description LOT 2 OF FORD CITY SUBDIVISION, A SUBDIVISION OF PART OF THE SOUTHWEST QUARTER OF SECTION 31, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, COOK COUNTY, ILLINOIS. CWTEPM BANK Telex: 42-6160 - Irrevocable Cerderre Bank of Kansas City, N.A. Cable: CENTRBKCMO Documentary 900 Walnut Letter of Credit Kansas City, Mo. 64106 — - issuing Advisin g I D 2549 Date Bank's no. bank's no. Advising bank Accountee La Petite Academy City Center Square, 10th Floor * * It * * It * * * * * * * It * * * 12th & Baltimore Kansas City, Missouri 64196 Beneficiary KCL Amount U.S. $2,600.00* Village of Elk Grove Villag9.,1,y tyr;h *TWO THOUSAND SIX HUNDRED AND N0/100 901 Wellington Avenue U.S. DOLLARS* Elk Grove, Illinois 60007E�iGIyFERI+�GLEPT. Expiry date December 30, 1986 at our counters in the country of the beneficiary unless otherwise indicated We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of La Petite Academy, City Center Square, 10th Floor, 12th & Baltimore, Kansas City, Mo. 64196 hereafter called the "Developer", in the aggregate amount of $2,600.00 U.S. Currency, available by your draft drawn at sight and marked "Drawn under Centerre Bank of Kansas City NA Letter of Credit No. D 2549, dated May 5, 1980 These monies are to guarantee the completion of public improvements for the following project: 1030 Nerge Road, Elk Grove Village (the "Project") described in the engineering plans and specifications with revisions dated April 16, 1986, pre- pared by Christian-Roge & Ribando, 518-B South Lake Street, Aurora, Illinois 60506, approved or. April 18, 1986 and agreements (including any amendments thereof) on the property legally described in Exhibit A (attached hereto and made part hereof). Monies may be drawn at sight by the Village of Elk Grove Village (the "Village") when accompanied by the following document: 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 site improve- ments has not been satisfactorily completed in accordance with the Approved plans and specifications with revisions dated April 16, 1986, prepared by Christian-Roge & Ribando, 518-B South Lake Street, Aurora, Illinois 60506 approved on April 18, 1986, and agreements (including any amendments thereof) for the "Project" on property legally described in Exhibit A. The improvements in the above-described project consist of: 1) 5' Wide P.C.C. Sidewalk 2) Parkway Trees - installed 3) Sod - w/4" Topsoil We hereby engage with drawers and/or bonafide holder's that drafts drawn and negotiated in conformity with the terms of this credit will be duly honored on presentation and that drafts ac- cepted within the terms of this credit will be duly honored at maturity. Drafts must be marked as drawn under this credit The amount of each draft must be endorsed on the reverse of this credit by the negotiating bank. Very truly yours, CENTERREIMK t rize ignature �.Place, date, name and signature of advising bank ORIGINAL Except so far as otherwise exciressly stated, this credit 'Jmform Customs and Practice for Documentary Credits" ternabonal Chamber of Commerce in effect as of the date o is subject to the as fixed by the In- t issuance hereof. ;ENTERRE 1E N X Irrevocable Documentary Letter of Credit PAGE 2 (AN INTEGRAL PART OF PAGE 1) Date May 5, 1986 Centarre Bank of Kansas City NA Internationo. _ _panment P. O. Box 666 Kansas City, Missouri 64141 Issuing D 2549 Advising bank's no. bank's no. Telex: 42-6160 Cable: CENTRBKCMO These improvements itemized above shall be completed on or before September 30, 1986. 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" is hereby granted authority to draw upon this Irrevocable Letter of Credit for the purpose of ccapleting fully said improvements in accordance with the provisions herein and above set forth. The principle amount of this Irrevocable Letter of Credit shall not be reduced for any public impro- vements installed or completed unless such reduction is approved -By the Village Engineer in wri and then only in the exact amount of such payments less 10% for interim maintenance. This remaining amount shall never be reduced to an amount less than 110% of the estimated cost to complete the remaining public improvements plus 10% of the cost of the completed public improvements as a guaran- tee for maintenance purposes. The 'Village' may submit its sight drafts as herein above provided without the consent of the "Developer" or any other party. Partial drawings are permitted under this Irrevocable Letter of Credit. Said drafts may be sub- mitted 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 days (90) 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 "Viliage" :In enforcing the terms of this Irrevocable Letter of Credit. The amort of each draft must be endorsed an the reverse side of the original Letter of Credit by the Village Engineer and attested by the Cleric. This Letter of Credit shall be utilized to secure the installation of all improvements required under the Municipal Cade of the "Village" and specified on the engineerutp drawings and in the specifications and agreements. this perate as a l Letter of Credit shall not oimitation upon the obligation of the "Developer" to pro- perly completely install all improvements required by the "Village". It is a condition of this 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 frcm the Village Engineer that he or she does elect not to arbitrarily request renewal of this 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 pnor to said expiration date that said letter of Credit is about to expire. It !Lex agreed by the wadersd that the expiration date shall be automatically extended *s shall be required to comply with this notice provision and the *requirements stated previously. CerMarre Bank of Kansas City NA orized Sig tura 1