HomeMy WebLinkAboutRESOLUTION - 3-82 - 1/12/1982 - LOC/TRITON II/INSTALLATION OF SIDEWALKSRESOLUTION NO. 3-82
A RESOLUTION ACCEPTING A LETTER OF CREDIT IN THE AMOUNT OF $3,300.00
FROM THE BANK OF WAUKEGAN, GUARANTEEING THE INSTALLATION OF SIDEWALKS
IN THE TRITON II INDUSTRIAL PARK
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 Letter of Credit No. 337 in the amount of $3,300.00 from
the Bank of Waukegan to guarantee the installation of sidewalk improvements
in the Triton II Industrial Park by the developer Esper A. Petersen/United
States Development Corporation and as shown on plan entitled "Proposed
Improvements for Triton Industrial Park" engineered by Seeton Engineering
Company, Job No. 79-307 and as approved by Elk Grove Village on May 5, 1980.
Said Letter of Credit expiring on November 1, 1982.
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 January , 1982,
APPROVED this 12th day of January 1982.
Charles J. Zettek
Village President
ATTEST:
Fay M. Bishop
Village Clerk
BANKof WAUKEGAN
1601 North Lewis Avenue
Waukegan, Minois 60085
Telephone 312-244-6000
Member FDIC
December 1, 1981
No. 337
Village of Elk Grove
901 Wellington Street
Elk Grove, Illinois 60007
Re: Triton II Industrial Park
Amount: $3,300.00
Dated: December 1, 1981
Expiration: December 1, 1982
Gentlemen:
We hereby open an Irrevocable Letter of Credit in your favor
for the sum not to exceed THREE THOUSAND THREE HUNDRED AND
00/100 ($3,300.00) DOLLARS to cover sidewalk improvements,
for the account of Esper A. Petersen/United States Development
Corporation, 1300 Skokie Highway, Gurnee, Illinois, available
by your drafts at sight drawn on us in the name of the Village
of Elk Grove, an Illinois Municipal Corporation, Elk Grove,
Illinois. All drafts drawn must be marked "Drawn Under Bank
of Waukegan Letter of Credit dated December 1, 1981".
Further, each draft must be accompanied by a certified state-
ment from the Village Manager, Village of Elk Grove that
Esper A. Petersen/United States Development Corporation have
failed to complete or maintain all public improvements in the
Triton II Industrial Park as shown on proposed plan entitled
"Proposed Improvements for Triton II Industrial Park" engin-
eered by Seton Engineering Company, 560 Green Bay Road,
Winnetka, Illinois, Job No. 79-307, approved by Elk Grove
Village on May 5, 1980.
We hereby certify to the Village of Elk Grove that drafts
drawn under the terms of the letter of credit shall be duly
honored upon presentation and surrender of documents to the
drawee as above specified. This letter of credit must accom-
pany any draft which exhaust the letter of credit and must be
surrendered concurrently with the presentation of such draft.
Village of Elk Grove
Letter of Credit No. 337
December 1, 1981
Pape 2
This letter of credit expires - December 1, 1982. Draws under
this letter of credit are not permitted prior to the completion
date of November 1, 1982. This letter of credit is irrevocable
for the term specified herein and is not renewable.
Except so far as otherwise expressly stated, this documentary
credit is subject to the "Uniform Customs and Practice for
Documentary Credits" (1974 Revision) International Chamber of
Commerce Publication 290.
Very truly yours,
BAN:md Bradley A. ickerson
Vice President