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Home My WebLink AboutRESOLUTION - 98-86 - 12/16/1986 - LOC ACCEPTED/RBC TECH CENTER II RESOLUTION NO. 98-86 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 311218 FROM THE FIRST NATIONAL BANK OF CHICAGO EXPIRING DECEMBER 31, 1987 IN THE AMOUNT OF $70,000.00 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS AT RBC TECH CENTER II 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 autho- rize the acceptance of an Irrevocable Letter of Credit No. 311218 from the First National Bank of Chicago in the amount of $70,000.00 to guarantee the completion of public improvements at the RBC Tech Center II as fully described in Exhibit "A" attached hereto and made a part hereof in accor- dance with approved plans and specifications with revisions dated November 18, 1986, prepared by Elk Grove Engineering Co. , 860 Lively Blvd. , Elk Grove Village, Illinois. Said Letter of Credit expiring December 31, 1987. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 16th day of December 1986. APPROVED this 16th day of December 1986. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk CobFIRST CHICAGO TRADE --RVICES GROUP The First National Bank of Chic._ rE 0236 CHICAGO, ILLINOIS 60670 U.S.A. Swift Address: FNBCUS44 Cable address: NATIONAL CHICAGO Telex number: 2-53801 IRREVOCABLE LETTER OF CREDIT COMPLETION GUARANTY V.IL.L.AGE. OF E.L.K (TROVE. VILLAGE 901 WELLXNGION AVENUE LETTER OF CREDIT NO, : 33121H ELK GROVE. r IL. 60007 DATE: ! NOVEMBER 20 1986 AMOUN•I : $701000. 00 R�{�T}'c�•� PROJECT: RHC TECH CENTER TI COMPLETXON DATE: 1 :1115187 EXPXRATXON DATE. ! 12.131187 GENTLEMEN: t, alma i�-�T• WE. HEREBY ESTABLISH OUR IRREVOCABLE STRAIGHT LETTER OF CREDIT IN YOUR FAVOR FOR THE: ACCOUNT OF SDK INDUSTRIAL. PARKSr 33 WEST MONROE STREET, CHICA60Y ILLINOIS HEREAFTER GALLED •THE 'DE.VELOPER' , IN THE: AGGREGATE AMOUNT OF $70,000 .00 (SEVENTY THOUSAND U.S. DOLLARS) , AVAILABLE BY YOUR DRAFT DRAWN AT SIGHT AND MARKED 'DRAWN UNDER THE. FIRST NATIONAL. BANK OF CHICAGO LETTER OF CREDIT NO. 311218• . THESE MONXFS ARE TO 60ARAN'IEE THE COMPLETION OF PUBLIC IMPROVEMENTS FOR THE FOLLOWING PROJECT: RBC TECH CENTER IX (THE ' PROJECT' ) DESCRIBED IN THE ENGINEERING PLANS AND SPE:CXF'XCATXONS WITH REVISIONS DATED NOVEMBER 181 1986s PREPARED BY ELK (TROVE ENGXNEERXNO COMPANYP 860 L.XVE:L.Y BLVD „ ELK GROVE VXL.L.AGE, IL. APPROVED ON ----------------, 1986 AND AGREEMENTS ( INCLUDING ANY AMENDMENTS THEREOF ) ON THE: PROPERTY LEGALLY DESCRIBED IN E:XHXhXT A <ATTACHED HERETO AND MADE PART HEREOF) . MONIES MAY BE DRAWN ON SIGHT BY THE. VILLAGE: OF ELK GROVE: VTLL.A6F WHEN ACCOMPANIED BY THE FOLLOWING nOCUMENT: A SIGNED STATEMEN BY THE VILLAGE MANAGER OR ANY OTHER DULY AUTHORXY.E:D OFFICIAL OF THE. VIL.L.AGE. OF ELK GROVE: VIL.L.AGE. (AND SIGNED AS SUCH) CERTIFYING THAT ANY PORTION ' OF THE SITE IMPROVE:NF.:NTS HAS NOT BEEN SATISFACTORILY COMPLETED IN ACCORDANCE WITH THE APPROVED FLANS AND SPECIFICATIONS WITH REVISION DATED NOVEMBER 18, 1986, PREPARED BY ELK GROVE ENGXNFERING CO. r 860 LIVELY BLVD. , ELK GROVE. VXLLAOITY XL. APPROVED ON _._._...................._._.. 1986 AND AGREEMENT'S ( INCLUDING ANY AMENDMENTS THEREOF ) FOR THE FOLLOWING PROJECT: RBC TECH CENTER IL ( THE 'PRO,JECT ' ) 1 ON PROPERTY LEGALLY DESCRIBED IN EXHXBXT A ATTACHED HERETO AND MADE PART HEREOF . THE: IMPROVEMENTS IN THE ABOVE: DESCRIBED PROJECT CONSIST OF: WATERMAIN AND APPURTENANCES SANITARY SEWER AND APPURTENANCES STORM SEWER AND APPURTENANCES ROADWAY (CURB X GUTTER, PAVEMENT) SIDEWALK STREET LXGHTS PARKWAY (TREES, ETC. ) EXCAVATION (SOIL EROSION CONTROLI STOCKPILE:) THESE. IMPROVEMENTS ITEMIZED ABOVE: SHALL. BE COMPLETED ON OR BEFORE. NOVEMBER 151 1987 . IF SAID XMPROVEMENTS HAVE NOT BEEN PROPERLY INSTALLED AND SATISFACTORILY COMPLETED ON OR BEFORE THAT LATE AS REASONABLY DETERMINED BY THE. VILLAGE ENGINEER, (CONTXNUE'D) PAGE: 1 MR57 CHICAG9O TRADE IVICES GROUP E` The First National Bank of Chico, _.TE 0236 CHICAGO, ILLINOIS 60670 U.S.A. Swift Address: FN13CUS44 Cable address: NATIONAL CHICAGO Telex number: 2-53801 REF NO: 00311215 DATE: NOVEMBER 20 1986 THEN THE: VILLAGE OF ELK GROVE: VILLAGE ( THE 4VILL.AOE4 ) IS HEREBY GRANTED AUTHORITY TO DRAW UPON THIS IRREVOCABLE LETTER OF CREDIT FOR THE PURPOSE OF COMPLETING 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 IMPROVEMENTS INSTALLED OR COMPLETED UNLESS SUCH REDUCTION IS APPROVED BY THE: VILLAGE ENGINEER IN WRITING AND THEN ONLY IN THE EXACT AMOUNT OF SUCH PAYMENT% LESS 10X FOR INTERIM MAINTENANCE . THE: VILLAGE MAY SUBMIT ITS SIOHT DRAFTS AS HEREIN ABOVE PROVIDED WITHOUT THE CONSENT OF SDK INDUSTRIAL. PARKS OR ANY OTHER PARTY . PARTIAL DRAWIN68 ARE PERMITTED UNDER THIS IRREVOCABLE. LETTER OF CREDIT. SAID DRAFTS MAY BE SUMITTED 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 PRESEN'TA'TION DURING THE NINETY DAY (90) DAPS ITV ACCORDANCE WITH THF..' TERMS AND PROVISIONS HEREIN CONTAINED . IFr WITHIN 'THIRTY (30) DAPS OF THE DATE OF ANY DEMAND (MADE. IN CONFORMITY WITH THIS IRREVOCABLE LETTER OF CREDIT) PRESENTED, WE FAIL TO HONOR SAMEr WE AGREE TO PAY ALL ATTORNEY FEESr COURT COSTS AND OTHER REASONABLE: EXPENSES INCURRED BY THE. VILLAGE OF ELK GROVE VII_LAOE IN ENFORCING THE TERMS OF IHIS IRREVOCABLE LETTER OF CREDIT , THE: AMOUNT OF EACH DRAFT MOST BE: ENDORSED ON THE REVERSE SIDE OF THE ORIGINAL IRREVOCABLE LETTER OF CREDIT DY THE: VILLAGE, ENGINEER AND ATTESTED MY THE CLERK, TH.l's IRREVOCABLE LETTER OF CREDIT SHALT_ BE UTILIZED TO SECURE THE INSTALLATION OF ALL IMPROVEMENTS RE:OUIRED UNDER THE: MUNICIPAL CODE OF THE VILLAGE OF ELK GROVE VILLAGE AND SPECIFIED ON THE ENGINEERING DRAWINGS AND IN THE SPECIFICATIONS AND AGREEMENTS. THIS IRREVOCABLE LETTER OF CREDIT SHALL. NOT OPERATE AS A LIMITATION UPON THE OBLIGATION OF SDK INDUSTRIAL. PARKS 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 WR:(TINGr CERTIFXED MAILY RETURN RECEIPT REOLIE:9TED THAT HE: OR SHRY BASED UPON THE ADVICE: AND SUPPORTING DOCUMENTATION FROM THF VILLAISK E.NOXNE.FR THAT HE OR SHE DOES ELECT NOT TO ARBITRARIL-Y REOUEST RENEWAL. OF THIS IRREVOCABLE LEITER OF CREDIT FOR SUCH ADDX TIONAI_ ONE ( 1 ) YEAR PERIOD WITHOUT DILE: CAUSE. . THE. UNDERSIGNED SHALL NOTIFY THE VILLAGE MANAGERr BY CERTIFIED MA:(L. , RETURN RECEIPT REIQUF.STED, A7 LEAST NINETY (9O) DAYS PRIOR TO SAID EXPIRATION DATE THAT SAID IRREVOCABLE LETTER OF CREDIT IS ABOOF TO EXPIRE . XF IS EXPRESSLY AGREED MY THE: UNDERSIGNED THAT THE EXPIRATION ).TATE SHALL BE AUTOMATICALLY EXTENDED AS ( GOOTIWLIE:D) PAGE 2 RRST CHICAGO TRADE ``VICES GROUP The First National Bank of Chid I :E 0236 CHICAGO, ILLINOIS 60670 U.S.A. Swift Address: FNBCUS44 Cable address: NATIONAL CHICAGO Telex number: 2-53801 REF NO : 00311218 DATE: NOVEMBER 21r 1986 SHALL. BE REOUIRE:D TO COMPLY WITH THIS NOTICE PROVISION AND THE REPUIREMENTS STATER PREVIOUSLY. WE EN=E WITH YOU YHAT DRAFTS DRAWN UNDER AND IN CONFORMITY WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED? ON PRESENTATION IF PRESENTED ON OR BEFORE: THE EXPIRY ).LATE. THE ORIGINAL LETTER OF CREDIT MUST ACCOMPANY THE DOCUMENTS REOIJIRED UNDER YHIS CREDIT. THE CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS t1963 REVISION) r INTERNATIONAL. CHAMBER OF COMMERCE —PUBLICATION 400. PLEASE ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT TO THE ATTENTION OF OUR LET= OF CREDIT UNITS TRADE SERVICE GROUPr MENTIONING OUR REFERENCE NUMBER AS IT APPEARS ABOVE:. VERY IRUI_Y YOURS THEFIRSTNATIONAL BANK OF CHICAGO PREPARED BY. ANYX dESF..LY AUYHORIZED SX6NE� PAGE 3 Attachment "A" This page forms an integral part of letter of credit No. 311218 RBC-TECH CENTER II ELK GROVE VILLAGE, ILLINOIS LEGAL DESCRIPTION PLAT DATED 08/11/86 RBC-TECH CENTER SUBDIVISION UNIT 2 IN THE NORTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 26, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. EMP:lh/112186