HomeMy WebLinkAboutRESOLUTION - 5-84 - 2/28/1984 - LOC/SDK REGENT BUSINESS CTR PHASE I RESOLUTION NO. 5-84 --
A RESOLUTION ACCEPTING AN IRREVOCABLE STRAIGHT LETTER OF CREDIT
NO. FNBC 1412-00304735 FROM THE FIRST NATIONAL BANK OF CHICAGO
IN THE AMOUNT OF $77,305.47 TO GUARANTEE THE COMPLETION OF PUBLIC
IMPROVEMENTS IN THE SDK REGENT BUSINESS CENTER PHASE 1 (PROJECT
7054) AND RELEASING LETTER OF CREDIT RESOLUTION NOS. 106-80,
58-81 , 48-82
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 Straight Letter of Credit No. FNBC
1412-00304735 from the First National Bank of Chicago in the amount of
$77,305.47 to guarantee the completion of public improvements in the (SDK)
Regent Business Center (Phase 1 Project 7054) described in the enginnering
plans and specifications with revisions dated December 12, 1979, prepared
by Elk Grove Engineering Company, 860 Lively Blvd. , Elk Grove Village,
Illinois , as approved by Village Engineer, and agreements ( including any
amendments thereof) on the property legally described in Exhibit A, attached
hereto and made part thereof. This Irrevocable Straight Letter of Credit
No. FNBC 1412-00304735 expires March 31 , 1987•
SECTION 2: That the President and Board of Trustees do hereby autho-
rize the release of Letter of Credit #FNBC 1412-0300362 in the amount of
$510,078.22 adopted by Resolution No. 106-80; amended Letter of Credit #FNBC
14.1.2-0300362 in the amount of- $93,716-34 adopted by Resolution No. 58-81 ;
and amended Letter of Credit #FNBC 1412-00300362 in the amount of $77,305. 47
adopted by Resolution No. 48-82.
SECTION 3: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 23th day of February , 1984.
APPROVED this 28th day of February , 1984.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk