HomeMy WebLinkAboutRESOLUTION - 11-82 - 3/9/1982 - LOC/KENT ST EXTENSION ANDRESOLUTION NO. 11-82
A RESOLUTION ACCEPTING TWO REPLACEMENT LETTERS OF CREDIT FROM
THE FIRST NATIONAL BANK OF BLUE ISLAND IN THE AMOUNTS OF $40,700
AND $57,200 TO GUARANTEE THE COMPLETION OF CONSTRUCTION OF PUBLIC
IMPROVEMENTS IN THE IN THE REGENCY SQUARE PHASE II NORTH DEVELOPMENT
AND THE KENT STREET EXTENSION AND RELEASING TWO PRIOR LETTERS OF
CREDIT EXPIRING MARCH 1, 1982
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois:
Section 1: That the President and Board of Trustees do hereby authorize
the acceptance of two replacement Letters of Credit from the First National
Bank of Blue Island, No. 14471 in the amount of $40,700.00 and No. 14472 in
the amount of $57,200.00, expiring March 1, 1983, to guarantee the completion
of construction of public improvements in the Regency Square Phase II North
Development and the Kent Street Extension, copies of which are attached
hereto and made a part hereof as if fully set forth.
Section 2: That the Village Mr_nager is hereby directed to release
Letters of Credit No. 13893 in the amount of $37,000.00 and No. 13894 in
the amount of $52,000.00 previously accepted and approved, to the developer
in exchange for the replacements Letters of Credit approved and accepted herein.
Section 3: That this resolution shall be in full force and effect from
and after its passage and approval according to law.
PASSED this 9th day of March
APPROVED this 9th day of
ATTEST:
Fay M. Bishop
Village Clerk
Ma
Charles J. Zettek
Village President
1982.
1982.
t—�
utQ
IZZ
C0
Q
2
1061
FIRST NATIONAL BANK
O F B L U E I S L A N D
13057 S. WESTERN AVENUE • BLUE ISLAND, ILLINOIS 60406 • 385-2200
IRREVOCABLE LETTER OF CREDIT
BENEFICIARY
Village of Elk Grove
901 Wellington Avenue
Elk Grove, Illinois 60007
Gentlemen:
DATED: March 1, 1982
LETTER OF CREDIT NUMBER:
1lIJ��i11lI��1
Bianco Construction Company
1100 Industrial Drive
Bensenville, Illinois 60101
We hereby issue in your favor this Irrevocable Letter of Credit for the sum not to exceed
$40,700.00 (Forty Thousand Seven Hundred and 00/100 Dollars) for the account of Bianco
Construction Company.
Funds under this credit are available by negotiation of your draft at sight drawn on
First National Bank of Blue Island at its office in Blue Island, Illinois in the name
of the Village of Elk Grove, an Illinois Municipal Corporation, Elk Grove, Illinois.
This Letter of Credit will expire on March 1, 1983. Draws under this Letter of Credit
are not permitted prior to January 1, 1983.
Drafts drawn under this credit must bear on their face the clause: Drawn under Irrevocable
Letter of Credit (a/c 14471 ) dated March 1, 1982, of First National Bank of Blue Island.
Further, each draft must be accompanied by a certified statement from the Village Manager,
Village of Elk Grove stating that "Bianco Construction Company has failed to complete all
public improvements remaining to be constructed including pavement, curbs, water mains,
sanitary sewers, storm sewers, street lights, parkway trees, sidewalks and surface course
for the entire Kent Street extension."
Drafts must be accompanied by this original Letter of Credit document together with any
documents hereunder for our endorsement of any payments extended by us. If any draft(s)
exhausts the Letter of Credit then this Letter of Credit document must be surrendered
concurrently with the presentation of such draft(s).
We hereby engage with drawers, endorsers and bona fide holders that the draft(s) drawn
under and in conformity with the terms of this credit will be duly honored upon
presentation.
Except in so far as otherwise expressly stated herein, this credit is subject to the
Uniform Customs and Practice for Documentary Credits (1974 Revision) International
Chamber of Commerce Publication No. 290.
FIRST NATIONAL BANK OF BLUE ISLAND
Authorized Signature
V'
FIRST NATIONAL BANK
OF BLUE ISLAND
13057 S. WESTERN AVENUE • BLUE ISLAND, ILLINOIS 60406 • 385-2200
IRREVOCABLE LETTER OF CREDIT
DATED: March 1, 1982
LETTER OF CREDIT NUMBER: 14472
BENEFICIARY APPLICANT
Village of Elk Grove Bianco Construction Company
901 Wellington Avenue 1100 Industrial Drive
Elk Grove, Illinois 60007 Bensenville, Illinois 60101
_rI Gentlemen:
We hereby issue in your favor this Irrevocable Letter of Credit for the sum not to exceed
$57,200.00 (Fifty -Seven Thousand Two Hundred and 00/100 Dollars) for the accounts of
Bianco Construction Company.
NG
%Funds under this credit are available by negotiation of your draft at sight drawn on
'y+ First National Bank of Blue Island at its office in Blue Island, Illinois in the name
of the Village of Elk Grove, and Illinois Municipal Corporation, Elk Grove, Illinois.
This Letter of Credit will expire on March 1, 1983. Draws under this Letter of Credit
Ln< are not permitted prior to January 1, 1983.
acz
u'o Drafts drawn under this credit must bear on their face the clause: Drawn under Irrevocable
1i Letter of Credit (a/c 14472) dated March 1, 1982, of First National Bank of Blue Island.
= Further, each draft must be accompanied by a certified statement from the Village Manager
Village of Elk Grove stating that "Bianco Construction Company has failed to complete
all public improvements remaining to be constructed including pavement, curbs, water mains,
sanitary sewers, storm sewers, parkway trees, sidewalks and surface course amounting to
$31,900.00 or to maintain all completed public improvements amounting to $25,300.00 in
Regency Square Phase II (North) sheet 1 through 6, prepared by Hooper Engineers Ltd.,
473 W. Northwest Highway, Palatine, Illinois 60067, dated and approved June 28, 1979 by
Elk Grove Village."
Drafts must be accompanied by this original Letter of Credit document together with any
documents hereunder for our endorsement of any payments extended by us. If any draft(s)
exhausts the Letter of Credit then this Letter of Credit document must be surrendered
concurrently with the presentation of such draft(s).
We hereby engage with drawers, endorsers and bona fide holders that the drafts drawn
under and in conformity with the terms of this credit will be duly honored upon
presentation.
Except in so far as otherwise expressly stated herei.n,this credit is subject -to the
Uniform Customs and Practice for Documentary Credits (1974 Revisiooni "ntornational- _--
Chamber of Commerce Publication No. 290.
FIRST NA7 ONAL BANK OF BLUE ISLAND
BY Gam' `-
V Authorized Signature