HomeMy WebLinkAboutRESOLUTION - 41-86 - 6/10/1986 - LOC/RELEASE ACCEPT SHENANDOAH PHASE IIBRESOLUTION NO. 41-86
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 1053
FROM ITASCA BANK & TRUST COMPANY IN THE AMOUNT OF $70,149.00
EXPIRING MAY 5, 1987 TO GUARANTEE CONSTRUCTION OF PUBLIC IMPROVE-
MENTS IN THE SHENANDOAH SUBDIVISION PHASE IIB AND RELEASING LETTER
OF CREDIT NO. 1046 ACCEPTED BY RESOLUTION NO. 55-85
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Elk Grove Village, Counties of Cook and DuPage, State of
Illinois:
Section 1. That the President and Board of Trustees do hereby authorize
the acceptance of an Irrevocable Letter of Credit from the Itasca Bank and
Trust Company in the amount of $70,149.00 to guarantee construction of
public improvements as listed on Exhibit "A" attached hereto and made a
part hereof which are to be constructed within the Shenandoah Subdivision
Phase IIB, the legal description as fully described in Exhibit "B" attached
hereto and made a part hereof, in accordance with engineering drawings and
specifications with revisions dated November 5, 1984, prepared by Elk Grove
Engineering, 860 Lively Blvd., Elk Grove Village, Illinois 60007. Said
Letter of Credit expiring May 5, 1987.
Section 2. That the President and Board of Trustees do hereby authorize
the release of Letter of Credit No. 1046 in the amount of $197,970.62 adopted
by Resolution No. 55-85.
Section 3. That this Resolution shall be in full force and effect from
and after its passage and approval according to law.
PASSED this 10th day of June 1986.
,
APPROVED this 10th day of June 1986.
,
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
lED
Itasca Bank & Trust Co.
308 West Irving Park Road • Itasca, Illinois 60143 • (312) 773.0350
-,., a
III i'h;$I: -7 I �+" f x �°
d wn I'm
IRREVOCABLE LETTER OF CREDIT NO. 1053
May 5, 1986
Village of Elk Grove Village
901 Wellington Avenue
Elk Grove Village, Illinois 60007
RE: Shenandoah -Elk Grove Subdivision -Phase IIB
Elk Grove Village, Illinois
Gentlemen:
We hereby establish an Irrevocable Credit in favor of the Village
of Elk Grove Village, Illinois, an Illinois municipal corporation
(herein called "Municipality") for the account of Itasca Bank &
Trust Co. as Trustee under Trust #1264, dated April 11, 1978
(herein called "Owner"), 308 W. Irving Park Rd., Itasca, Illinois
60143, in the aggregate amount of $70,149.00. This Irrevocable
Credit will be used exclusively to secure the construction of
certain public improvements (herein called "Improvements") as
listed on Exhibit A attached hereto, which are to be constructed
within the development known as Shenandoah -Elk Grove - Phase II B
(herein called "Development") pursuant to the following plans and
specifications, (herein called "Plans and Specifications").
The municipality approved site development engineering drawings
and specifications dated June 16, 1978 for Shenandoah -Elk Grove
with revisions dated November 5, 1984, prepared by Elk Grove
Engineering, 860 Lively Boulevard, Elk Grove Village, Illinois
60007, which have been previously submitted to, and approved by
the Engineering Department of the Village of Elk Grove.
The Development, which is owned by Itasca Bank & Trust Co. as
Trustee under Trust #1264, dated April 11, 1978, 308 W. Irving
Park Rd., Itasca, Illinois 60143, is legally described on Exhibit
B attached to this letter.
A Subsidiary of ITASCA BANCORP INC,
This Irrevocable Credit shall remain in effect for a period of
twelve (12) months from the date hereof, without regard to any
default in payment of money owed to us by the Owner and/or
Developer and without regard to other claims which we may have
against the Owner and/or Developer. If within said twelve (12)
months from the date hereof we received written notice of a
Resolution from the Municipality, reciting that the installation
and construction of the Improvements has not been completed on or
before May 1, 1987 as agreed by the Municipality and the
Developer, you are then authorized to demand payment from the
Itasca Bank & Trust Co., 308 W. Irving Park Rd., Itasca, Illinois
60143, by drawing drafts at sight when accompanied by the
certificate of the Municipality stating that the Owner and/or
Developer has defaulted in its obligation to complete the
Improvements, and further certifying that the Municipality has
notified the Owner of its intention to draw under this
Irrevocable Credit at least five (5) days prior to the date of
drawing, we shall make payments for materials and labor to
contractors, subcontractors or the Municipality who have
completed the Improvements in accordance with the Plans and
Specifications.
Partial drawings are permitted under this Irrevocable Credit.
All drafts must be marked: "Drawn under the Irrevocable Credit
No. 1053 of Itasca Bank & Trust Co, 308 W. Irving Park Rd.,
Itasca, Illinois 60143, dated May 5, 1986 to secure the
construction of Improvements within the Shenandoah -Elk Grove
Subdivision".
The principal amount of this Irrevocable Credit shall be reduced
for any public improvements installed or completed as approved by
the Village Engineer in writing with supporting waivers, liens
and affidavits from contractors or subcontractors furnishing
material or performing work to complete these Improvements.
If within thirty (30) days of the date of any demand (made in
conformity with this Irrevocable Credit) presented, we fail to
honor same, we agree to pay all attorney fees, court costs and
other reasonable expenses incurred by the Municipality in
enforcing the terms of this Irrevocable Credit.
Ninety (90) days prior to the expiration of this Irrevocable
Credit, we shall notify the Municipality, attention Village
Manager, certified mail, return receipt requested, of the
impending expiration date. This Irrevocable Credit shall not
terminate without such written notice. If the Improvements
covered by this Irrevocable Credit have not been completed within
the time set forth herein, the Municipality may draw upon these
funds in the manner recited above for an additional period of six
(6) months next following the expiration of the term of this
Irrevocable Credit. The sum of this Irrevocable Credit shall be
reduced in the amount of disbursements made, from time to time,
in accordance with the terms of this Irrevocable Credit, as
recited above. In addition, prior to expiration, this
Irrevocable Credit shall be reduced by the value of all
Improvements constructed and certified by the Village Engineer or
the Municipality that said Improvements have been property
completed.
We hereby certify and agree that all drafts drawn under, and in
compliance with, the terms of this credit will be duly honored by
us on delivery of documents as specified if presented at the
specified office within the time limits recited herein.
ITASCA BANK & TRUST CO.
N
EXHIBIT "A"
PUBLIC IMPROVEMENT TO BE INSTALLED WITHIN THE DEVELOPMENT KNOWN
AS SHENANDOAH-ELK GROVE II B
Watermain and Appurtenances
Sanitary Sewer and Appurtenances
Storm Sewer and Appurtenances
Roadway, Curb, Gutter and Pavement
Sidewalk
Street Lights
Parkway, Tress, etc.
EXHIBIT B
LOTS 15, 16, 17, 18, 19, 10, 21, 22, 23, 24 and 25 in Block 2,
Lots 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 and 33 in Block 3
in Shenandoah Subdivision being a Subdivision in the South East
1/4 of the South West 1/4 of Section 36, Township 41 North Range
10 East of the Third Principal Meridian, According to the Plat
thereof recorded in the Recorder's Office of Cook County,
Illinois on August 31, 1978 as Document No. 24608335, in Cook
County, Illinois