HomeMy WebLinkAboutRESOLUTION - 25-77 - 4/12/1977 - LTR OF GUARANTEE/PUBLIC IMPROVEMENTSRESOLUTION NO. 25-7
A RESOLUTION ACCEPTING AND PLACING ON FILE A LETTER OF GUARANTEE FROM
IRVING FEDERAL SAVINGS AND LOAN ASSOCIATION, DATED APRIL 7, 1977 IN THE
AMOUNT" OF $189,090.00 FILED WITH THE VILLAGE TO GUARANTEE THE CONSTRUCTION
OF PUBLIC IMPROVEMENTS FOR LOTS 12 THROUGH 17, INCLUSIVE, IN ROUNDTREE
COMMONS TOWNHOUSE DEVELOPMENT. EAST OF HOME AVENUE
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 and placing on file of a Letter of Guarantee dated April 7, 1977,
in the amount of $189,090.00 from Irving Federal Savings and Loan Association to
guarantee the construction of public improvements as follows: Sanitary sewer,
watermain, storm sewer, public streets and walks, interior streets and walks
and street lighting in the Roundtree Commons Townhouse Development, according
to plans and specifications prepared by Westad Engineering and containing sheets 1
through 8 inclusive, dated August 1, 1976 with revisions up to and including
March 14, 1977 and known as Job No. 76-14.
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 April , 1977.
APPROVED this 12th day of
ATTEST:
ViIIage/C rk
C
age /5/res
1977.
.
INTERNATIONAL
PHONES
427-2848
922.4945
t
FIDELITY INSURANCE COMPANY
1019 SOUTH STATE STREET
CHICAGO. ILLINOIS 60605
CONTINUATION CERTIFICATE
SURE Tr BON05
International Fidelity Insurance Company (hereinafter called the
' CP 31885
Company) hereby continues in force its Bond No, in the
sum of NINETEEN THOUSAND AND 00/100 - - - - - - - - - -
Dollars ($191000.00 )� on behalf of
AS TRUSTEE, TRUST NO. A 638
VILLAGE OF ELK GROVE VILLAGE,.ILLINOIS
1ST ARLINGTON NATIONAL BANK
in favor of
term beginning on the 31st day of DECEMBER
on the 31st day of
DECEMBER 19 80
covenants and conditions of said Bond.
for the (extended)
19 79 , and ending
subject to all the
This Continuation is executed upon the express condition that
the Company's liability under said Bond and this and all continuations
thereof shall not be cumulative and shall in no event exceed the sum
of! NINETEEN THOUSAND AND 00/100 - - - - - - - - - - - - - - -
Dollars ($ 19,000.00 )�
IN WITNESS WHEREOF, the Company has caused this instrument to
be signed by its- Attorney -in -Fact proper for the purpose and its
' corporate seal to be hereto affixed this 5th day of DECEMBER
19 79
ATTEST:
/� N�.T� U
INTERNATIONAL FIDELITY
INSURANCE COMPANY /
BY
ttorney-in- act
RESOLUTION NO. 7-80
A RESOLUTION ACCEPTING A CONTINUATION CERTIFICATE FOR A SUBDIVISION
BOND FROM THE INTERNATIONAL FIDELITY INSURANCE COMPANY TO PROVIDE
COVERAGE FOR REPAIRS TO BE COMPLETED ON THE PUNCH LIST FOR PUBLIC
IMPROVEMENTS AT THE ROUNDTREE COMMONS DEVELOPMENT, EAST OF HOME AVE.
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 and placing on file of a Continuation Certificate to a Subdivision
Bond No. CP 31885 from the International Fidelity Insurance Company in the amount
of $19,000.00 to provide coverage for repairs to be completed on the punch list
for the public improvements located at the Roundtree Commons Townhouse Develop-
ment, according to plans and specifications prepared by Wested Engineering,
dated August 1, 1976 with revisions through March 14, 1977 and known as Job
No. 76-14. Said Continuation Certificate shall terminate on December 31, 1980.
Section 2. That this resolution shall be in full force and effect from and
after its passage and approval according to law.
PASSED this 8th day of January , 1930.
APPROVED this 8th day of January 1980.
ATTEST: - Village Tesi 't
Vill ge Clerk
A N 0
FIA AD
CAIIC .Ac C .LLINJ J;v13
11H0f:E. 3131
L O A N A E, 8 0 C I A T 1 O N
Charles A. Willis
Village Manager
Village of Elk Grove
Elk Grove Village, Illinois 60007
Dear Mr. Willis:
F1�6 i � 1 �:ftV. i. �L INO1S dO�J •'O�
April 7, 1977 Fe L V
RF.: Roundtree. Commons
Home & Biesterfield Roads
Elk Grove Village, Illinois
See Parcel Layout Attached
LETTER OF GUARANTEE
We are the construction lenders for subject development. We understand that you
require a guaranty in the amount of $189,090.00 covering the items listed below:
The installation of public utilities, including sanitary and storm sewers and
water mains, sidewalks and curbs, streets and driveways and street lights as
indicated on Plans and Specifications on deposit in the Village of Elk Grove
Village entitled Roundtree Commons. Said Plans having been prepared by Cestad
Engineering and containing sheets 1 through 8 inclusive, dated August 1, 1976
with revisions up to and including March 14, 1977 and known as Job No. 76-14.
We herewith guarantee to you that we will set aside $189.090.00 of the construction
loan for payment of the aforementioned items. It is understood that these funds
shall be utilized for the installation of the aforesaid improvements in front of
lots 12 to 17 inclusive in Roundtree Counons, all lying on the east side of Home
Avenue in said development.
Upon completion of these items and submission of proper waivers by the contractors,
we will disburse the full payment thereof.
In the event the improvements are not made two years from date hereof, we will,
at your demand, release said funds to you for the purposes of completing the
aforementioned work.
Very truly yours,
JRVING FEDERAL SAVING /AND'LOAN ASSOCIATION
John J. Sexton, Jr.
Executi e ice Presitlent