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Home My WebLink AboutRESOLUTION - 43-84 - 6/12/1984 - LOC/CIRCLE BAY SUBRESOLUTION 43-84 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT FROM THE TALMAN HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF ILLINOIS IN THE AMOUNT OF $155,488.98 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS IN THE CIRCLE BAY SUBDIVISION NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees 1 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 Talman Home Federal Savings and Loan Association of Illinois in the amount of $155,488.98 to guarantee completion of public improvements in the Circle Bay Subdivision as fully described in Exhibit "A" attached hereto and made a part hereof in accordance with engineering plans and specifications with revisions dated March 29, 1983, prepared by Applied Engineering Company, 1885 Hicks Road, Rolling Meadows, Illinois 60008, approved on April 4, 1983. Said Letter of Credit becoming effective December 20, 1983 and expiring March 26, 1985. SECTION 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 12th day of June , 1984. APPROVED this 12th day of June , 1984. Charles J. Zettek Village President ATTEST: Ilafern Snick Acting Village Clerk i F / EXHIBIT "A" LEGAL DESCRIPTION THE EAST 981.93 FEET OF THE SOUTH WEST 1/4 OF THE SOUTH WEST 1/4 OF SECTION 32, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS i TALMANHONE TheTalman Home Federal Savings and Loan Association of Illinois IRREVOCABLE LETTER OF CREDIT Completion Guaranty Date December 20, 1983 -`J Amount ($155,488.98) Village of Elk Grove Village 901 Wellington Avenue Elk Grove, Illinois 60007 Gentlemen: Project Circle Bay Sub- division, Elk Grove Villaqe, Illinois Completion Date December 26, 1984 Expiration Date March 26, 1985 We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Mr. Carl Bongiovanni, Bonqi Group - Circle Bay, Inc. and Elk Grove Investment Co., 570 North Port Drive, Elk Grove, Illinois 60007 hereafter called the "Developer", in the aggregate amount of One hundred fifty five thousand four hundred eighty eight and 98/100 ($155,488.98), U. S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit issued for Circle Bay Subdivision, dated December 20, 1983." These monies are to guarantee the completion of public improvements for the following project: Circle Bay Subdivision, Elk Grove Village, Illinois (the "Project") described in the engineering plans and specifications with revisions dated March 29, 1983, prepared by Applied Engineering Company, 1885 Hicks Road, Rollinq Meadows, State Street Office: 201 South State Street, Chicago, Illinois 60604 (312) 9229600 ;The Talman Home Federal S? ' gs and Loan Association of Illinois Irrevocable Letter of Credit Page Two December 20, 1983 Illinois 60008, approved on April 4, 1983 and agreements (includ- ing any amendments thereof) on the property legally described in Exhibit A (attached hereto and made part thereof). Monies may be drawn on sight by the Village of Elk Grove 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 accord- ance with the Approved plans and specifications with revisions dated March 29, 1983, prepared by Applied Engineering Company, 1885 Hicks Road, Rolling Meadows, Illinois 60008 approved on April 4, 1983 and a4reements (including any amendments thereof) for the following project: Circle Bay Subdivison, Elk Grove Villacre, Illinois (the "Project"), on property legally described in Exhibit A. (Attached and made part of). The improvements in the above described project consist of: (X appro- priate boxes). Watermain and Appurtenances L �I Sanitary Sewer and Appurtenances Storm Sewer and Appurtenances Roadway (Ger-19 -QR�e= , Pavement) �y Sidewalk n Street Lights Parkway (Trees, etc.) Traffic Control (Signals, Signs, Markings) LTJ Ponds (Detention/Retention) Excavation (Soil Erosion Control, Stockpile) �� Other (Retaining walls, etc.) The Talman Home Federal S: gs and loan Association of Illinois Irrevocable Letter of Credit Page Three December 20, 1983 These improvements itemized above shall be completed on or before December 26, 1984. If said improvements have not been pro- perly installed and satisfactorily completed on or before that date as reasonably determined by the Village Engineer, then the Village of Elk Grove Village (the "Village") 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 payments less 10% for interim maintenance. This remaining amount shall never be reduced to an amount less than 110% of the estimated costs to complete the remaining public improvements plus 10% 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 with- out the consent of Mr. Carl Bongiovanni, Bongi Group -Circle Bay, Inc. and Elk Grove Investments Co., 570 North Port Drive, Elk Grove, Illinois 60007 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. ;The Talman Home Federal S igs and Loan Association of Illinois Irrevocable Letter of Credit Page Four December 20, 1983 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 installation of all improve- ments required 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 Mr. Carl Bongiovanni, Bongi Group -Circle Bay, Inc. and Elk Grove Investment Co., 570 North Port Drive, Elk Grove, Illinois 60007 to properly completely install all improvements required by the Village of Elk Grove Village. ;The Talman Home Federal S: gs and Loan Association of Illinois Irrevocable Letter of Credit Page Five December 20, 1983 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. This Irrevocable Letter of Credit is subject to the "Uniform Customs and Practice for Documentary Credit," the "International Chamber of Commerce Publication #290, most recent revision," except as herein above modified. we hereby agree with the drawers, indorsers, and bona fide holders of drafts drawn in (SEAL) compliance with the terms of this credit that they shall be honored on presentation. Dated: December 20, 1983 Issuing Financial Institution: Developer/Owner THE TALMAN HOME FEDERAL SAVINGS AND LOAN ASS0 IATION OF ILLINOIS By: Its �< �%� ✓ �iGc. "The undersigned hereby acknowledged the absolute right of the Village of Elk Grove Village to draw on this Irrevocable Letter of Credit subject to the conditions herein set forth and waives any right to enjoin the Village from so proceeding." Date: j - 7—U cU i .The Talman Home Federal c igs and Loan Association of Illinois Irrevocable Letter of Credit Page Six December 20, 1983 Developer/Owner: Mr. Carl Bongiovann�PZ�S-%d✓,rq/%,' Bongi Group -Circle Bay, Inc. • Its Elk Grove Investmentt� Company By:•-.�.- Its fs�:r J✓% Village Officials Approval/Acceptance Resolution: Village of Elk Grove Village By: Its