HomeMy WebLinkAboutRESOLUTION - 102-78 - 12/12/1978 - LOC/REGENCY SQ/CURBS AND GUTTERSRESOLUTION NO. 102-78
A RESOLUTION ACCEPTING A LETTER OF CREDIT No. 1181(s) FROM OLD
ORCHARD BANK GUARANTEEING THE REPAIR AND REPLACEMENT OF CURBS AND
GUTTERS ON PERRIE DRIVE AND GROVE STREET IN THE REGENCY SQUARE
DEVELOPMENT LOCATED NORTH OF LANDMEIER ROAD AND EAST OF SECTION 1
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 a Letter of Credit from Old Orchard Bank in the amount of
$8,000.00, guaranteeing the repair and replacement of curbs and gutters on
Perrie Drive, and Grove Street in the Regency Square Development located north
of Landmeier Road and East of Section 1 East. Said Letter of Credit expires
on July 31, 1979.
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 December 1978.
APPROVED this 12th day of December , 1978.
Charles J. Zettek
Village President
ATTEST:
Ilafern Snick
Acting Deputy Village Clerk
Old Orchard Road
Skokie, Illinois 60077
(312) 679-2200
Old Orchard Bank 4
IRREVOCABLE LETTER OF CREDIT
No. 1181 (s)
Amount: $8,000.00
Dated: December 8, 1978
Mr. Charles A. Willis
Village Manager
Village of Elk Grove
901 Wellington
Elk Grove Village, Illinois 60007
Gentlemen:
We hereby open an Irrevocable Letter of Credit in your favor for the sum not
to exceed Eight Thousand and no/100 ($8,000.00) Dollars, United States currency,
for the account of Ben Rozansky and Robert Bradley, as general partners of
Regency Square Associates, 4339-B Milwaukee Avenue, Chicago, Illinois, available
by your drafts at sight on us drawn in the name of the Village of Elk Grove, an
Illinois Municipal Corporation, Elk Grove, Illinois. All drafts so drawn must
be marked "Drawn under Old Orchard Bank and Trust Company Credit No. 1181 (s)
dated December 8, 1978.."
Further each draft must be accompanied by a certified statement that Ben Rozansky
and Robert Bradley as general partners of Regency Square Associates have failed
to replace or repair by June 25, 1979 certain curb gutters on Perrie Drive,
and Grove Street in the Regency Square Complex.
Except so far as otherwise stated herein, this Credit is subject to the "Uniform
Customs and Practices for Documentary Credits (1974 Revision) International
Chamber of Commerce Publication No. 290."
We hereby engage with the drawers, endorsers and bona fide holders of drafts drawn
under and in compliance with the terms of this Credit that same shall be duly
honored upon presentation and surrender of the documents to the drawee. This
Credit must accompany any draft which exhausts the credit and must be surrendered
concurrently with the presentation of such draft.
This credit expires July 31, 1979.
Sincerely,
OLD ORCHARD BANK AND TRUST COMPANY
BY• _
ice President