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Home My WebLink AboutRESOLUTION - 4-82 - 1/12/1982 - LOC/WARNER AMEX CABLE COMMUNICATIONSRESOLUTION NO. 4-82 A RESOLUTION ACCEPTING A LETTER OF CREDIT IN THE AMOUNT OF $10,000.00 FROM CONTINENTAL BANK TO INSURE THE FAITHFUL PERFORMANCE BY GRANTEE, WARNER AMEX CABLE COMMUNICATIONS COMPANY OF ALL PROVISIONS OF THE FRANCHISE AS SET FORTH IN ORDINANCE NO. 1448 OF THE VILLAGE OF ELK GROVE VILLAGE 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 acceptance of a Letter of Credit No. 6168171 from Continental Bank 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, Warner Amex Cable Communications Company,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 or maintenance of said system. Said Letter of Credit expiring September 16, 1986. 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 CABLE ADDRESS:C. CONTINEN'� ' r ' NK Conill Bank Telex 02-5233 � CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO TELEPHONE (312) 828- 6340 231 SOUTH LA SALLE STREET, CHICAGO, ILLINOIS 60693 DATE 12/28/81 AMENDMENT TO IRREVOCABLE DOCUMENTARY CREDIT NUMBER 6168171 BENEFICIARY VILLAGE OF ELK GROVE VILLAGE ELK GROVE VILLAGE, ILLINOIS DEAR SIR(S), ORIGINAL APPLICANT WARNER AMEX CABLE COMMUNICATIONS COMPANY OF NORTHWEST SUBURBS 75 ROCKEFELLER PLAZA NEW YORK, NEW YORK 10019 This amendment is to be considered as part of the above Letter of Credit and must be attached hereto. The above named Letter of Credit is amended as follows: The words "Village of Hoffman Estates" where ever it appears in the body of the credit is deleted and substituted by "Village of Elk Grove Village". All other terms and conditions remain unchanged. CONTINENT%A�L ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO For Cashier For c7&hier ecp Except so for as otherwise expressly stated, this documentary credit Is subject to the NO. 113 "Uniform Customs and Practice for Documentary Credits" (1974 revision) International 64 Chamber of Commerce (Publication No. 290) CABLE ADDRESS: Conili.lan, Telex 02-5233 TELEPHONE (312) 828- 6340 ct C'^'N-nNENTAL E' " W CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO �-)q; IAL 231 SOUTH LA SALLE STREET, CHICAGO, ILLINOIS 60693 IRREVOCABLE DOCUMENTARY CREDIT NUMBER 6168171 BENEFICIARY VILLAGE OF ELK GROVE VILLAGE ELK GROVE VILLAGE, ILLINOIS DEAR SIRS) ISSUE DATE 10/13/'81 APPLICANT WARNER AMEX CABLE COMMUNICATIONS COMPANY OF NORTHWEST SUBURBS 75 ROCKEFELLER PLAZA NEW YORK, NEW YORK 10019 AMOUNT US$ 10,000.00 TEN THOUSAND AND 00/100 U.S. DOLLARS EXPIRY 09-16-86 September 16, 1986 AT OUR COUNTERS We hereby establish in your favor our Irrevocable Standby Letter of Credit Number 6168171 which is available for negotiation of your drafts at sight, drawn on Continental Illinois National Bank and Trust Company of Chicago, Chicago,,°Illinois, bearing the clause "DRAWN UNDER CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO, CHICAGO, ILLINOIS, CREDIT NUMBER 6168171," and accompanied by: "Your signed statement certifying that the amount of your draft represents the amount due the Village of Hoffman Extates pursuant ✓ to Village of Hoffman Estates, Illinois Or finance No, 1448, SectionE, wE—erein it is stated E tt seFF5—F 6 re33t shall be used to insure the faithful performance by the Grantee (Warner Amex Cable Communications Company) 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 Warner Amex for payment but have not received such payment from Warner Amex, its subsidiaries or any other source." It is understood that this letter of credit may be extended for additional five (5) year periods of validity by amendments hereto, with ultimate expiration date April 14, 1996, upon our receipt of the accountee's request and aut orization to effect such extensions, and the said extension will be advised to you by means of our customary amendment advice. In the event that accountee 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: -CONTINUED ON PAGE TWO - NO. Except so lar as otherwise expressly stated, this documentary credit Is subject to the 1 C Li 1F •'Uniform Customs and Practice for Documentary Credits" (1974 revision) International Chamber of Commerce (Publication No. 290) CABLE ADDRESS: r Conj4j Bank Telex 02-5233 6 _ CONTINENT _ f- NK _ "^ CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO ' TELEPHONE (312) 828- 231 SOUTH LA SALLE STREET, CHICAGO, ILLINOIS 60693 ISSUE DATE 10/13/81 PAGE 2 WHICH FORMS AN INTEGRAL PART OF IRREVOCABLE DOCUMENTARY CREDIT NO. 6168171 ISSUED IN FAVOR OF: VILLAGE OF HOFFMAN ESTATES, HOFFMAN ESTATES, ILLINOIS "Your signed statement that you have not received an amendment extending this credit's expiry date for an additional five year period and that the amount of your drawing represents the then remaining obligation of Warner Amex Cable Communications Company which you undertake to hold as segregated cash collateral to accountee'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. CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO od `Gg L %,4i LEG6GL CT/Zy l�yf/� For Cas ier For Cashier --- DJS --- Except so far as otherwise expressly stated, this documentary credit is subject to the NO- 124044 Uniform Customs and Practice for Documentary Credits" (1974 revision) International Chamber of Commerce (Publication No. 290)