HomeMy WebLinkAboutRESOLUTION - 76-84 - 11/13/1984 - LOC/AMERICAN CABLESYSTEMS OF IL i
RESOLUTION N0. 76-84
A RESOLUTION ACCEPTING A LETTER OF CREDIT IN THE AMOUNT OF $10,000.00
FROM THE FIRST NATIONAL BANK OF CHICAGO TO INSURE THE FAITHFUL PERFOR-
MANCE BY GRANTEE, AMERICAN CABLESYSTEMS OF ILLINOIS OF ALL PROVISIONS
OF THE FRANCHISE AS SET FORTH IN ORDINANCE NO. 1448 AND RESOLUTION NO.
46-81 AS AMENDED BY RESOLUTION NO. 70-84
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 Village President and Board of Trustees do hereby
authorize the acceptance of a Letter of Credit No. 305810 from The First Nation-
al Bank of Chicago in the amount of $10,000.00, pursuant to the provisions of
Ordinance No. 1448 adopted by the Village Board on April 14, 1981, wherein said
Ordinance requires said Letter of Credit shall be used to insure the faithful
performance of the grantee, American Cablesystems of Illinois, of all provisions
of the franchise and of this ordinance, and compliance with all permits and
directions of the Board of the Village, and the payment by the Grantee of any
penalties, claims, liens and taxes due the Village, the Agency, or other
governmental entities which arise by reason of the construction, operation of
maintenance of said system. Said Letter of Credit expiring October 22, 1989.
Section 2: That this resolution shall be in full force and effect from
and after its passage and approval according to law.
PASSED this 13th day of November 1984.
APPROVED this 13th day of November 1984.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
® FIRST CHICAGO TRADE SERVICES GROUP
The First National Bank of ChlcagcS ° 023E
lei � tttlll���lllccc)))aaalll CHICAGO, IL-...,)IS E 0 U.S.A.
Swift Address: FNBCUS44
C ! 2 S 1984 Ce ddress: NATIONAL CHICAGO Telex number: 2-53801
VILLAGE MANAGER'S OFFICE
October 22, 1984
IRREVOCABLE STANDBY CREDIT NUMBER 305810
APPLICANT
AMERICAN CABLESYSTEMS OF ILLINOIS
1575 Rohlwing Road
Rolling Meadows, Illinois 60008
BENEFICIARY AMOUNT
VILLAGE OF ELK GROVE US$ 10,000 . 00
ELK GROVE, ILLINOIS Ten Thousand And 00/100
US Dollars
EXPIRY
10-22-89 OUR COUNTER
October 22, 1989
DEAR SIR(S) ,
We hereby establish in your favor our Irrevocable Standby Letter of
Credit Number 305810 which is available for negotiation of your drafts
at sight, drawn on us, bearing the clause "DRAWN UNDER THE FIRST
NATIONAL BANK OF CHICAGO, CHICAGO, ILLINOIS, CREDIT NUMBER 305810 , "
and accompanied by:
"Your signed statement certifying that the amount of your draft
represents the amount due the Village of Elk Grove pursuant to Village
of Elk Grove , Illinois Ordinance No. 70-84, wherein it is stated that
this letter of credit shall be used to insure the faithful performance
by the Grantee (American Cablesystems of Illinois) of all provisions
of the franchise and this Ordinance; and compliance with all permits
and directions of the board, of the Village having jurisdiction over
its acts or defaults under the franchise or this Ordinance, and the
payment by the Grantee of any penalties, claims , liens and taxes due
the Village, the Agency, or other governmental entities which arise by
reason of the construction, operation or maintenance of the System,
and must also indicate that you have made a demand on American
Cablesystems of Illinois for payment but have not received such
payment from American Cablesystems of Illinois, its subsidiaries or
any other source . "
It is understood that this letter of credit may be extended for an
additional five (5) year period of validity by an amendment hereto,
and an additional period of validity from the date of such extension
to an ultimate expiration date of April 14, 1996, by an amendment
hereto, upon our receipt of the applicant 's request and authorization
to effect such extensions and the said extension will be advised to
you by means of our customary amendment advice .
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ily ORI&NAL
® FIRST CHICAGO TRADE SERVICES GROUP
The First National Bank of C`--sago F 123E
CHICAGO, IL....,AS E J U.S.A.
Swift Address: FNBCUS44
Cable address: NATIONAL CHICAGO Telex number: 2-53801
No. 305810
In the event that applicant does not request and authorize this letter
of credit extension, either from its current or any future expiry
date, or in the event that we decline to further extend the credit,
you may draw on the credit up to its then available balance by your
sight draft dated not earlier than 60 days prior to the then current
expiry date accompanied by:
"Your signed statement that you have not received an amendment
extending this credit's expiry date for an additional period and that
the amount of your drawing represents the then remaining obligation of
American Cablesystems of Illinois which you undertake to hold as
segregated cash collateral to applicant 's obligation outstanding as of
the date of your drawing . "
We hereby engage with drawers and/or bonafide holders that drafts
drawn in conformity with the terms of this Letter of Credit will be
duly honored on presentation.
This Letter of Credit is subject to the terms and conditions of the
"Uniform Customs and Practice for Documentary Credits (1983 Revision)
The International Chamber of Commerce Publication No. 400" .
THE FIRST NAT NAL BANK OF CHICAGO
AUTHORIZED SIGNATURE
9157Y
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ORtiGINAL