HomeMy WebLinkAboutRESOLUTION - 50-75 - 6/24/1975 - LOC/ROGERS IND PARK 3RD LIFTRESOLUTION NO. 50-75
A RESOLUTION ACCEPTING A LETTER OF CREDIT IN THE AMOUNT OF $30,000.00
FROM NORTHERN TRUST COMPANY, GUARANTEEING THE CONSTRUCTION OF A THIRD
LIFT ON STREETS IN ROGERS 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 a Letter of Credit, dated May 7, 1975, in
the amount of $30,000.00 from the Northern Trust Company, to
guarantee the construction by Arthur J. Rogers Enterprises of
a one inch thick asphalt course on the existing streets in
the Rogers Industrial Park. The construction of the asphalt
layer will be constructed at such time as seventy-five (75%)
percent of the frontage bordering subject streets has been
improved with buildings, or five years from date of street
construction, whichever event shall occur first. The con-
struction shall not be started until all base failures are
corrected.
Section 2: That all drafts drawn under and in compliance with the terms
of this Letter of Credit will be duly honored on delivery of
documents as specified if negotiated on or before December
31, 1975.
Section 3: That this resolution shall be in full force and effect from
and after its passage and approval according to law.
PASSED this 24th day of June , 1975.
APPROVED this 24th day of
age
ATTEST:
Village GTrk
1975.
Resolution ."io. 50-75 Adopted:nJ24/:1:5
IRREVOCABLE L.JYIYIERCIAL STRAIGHT LET .R Or CREDIT
THE NORTHERN TRUST COMPANY
INTERNATIONAL BANKING DEPARTMENT -
S❑ SOUTH LA SALLE STREET
DA)E. Pay 7, 1975 CHICAGO, ILLINOIS 60690 CABLE ADDRcSS: NORYRUST
TELEX- 2-5ZO4
CREDIT NO. IC 46721 (SB) TWX: 9 10. 2 21-1 3 9 5
Ell: Grove Village ,
V. .�
901 'Ilellington Avenue �" J
Elk Grove Village, Illinois 60007 ,
mA`t• 16 I ,�
DEAR SIRS:
WE HEREBY AUTHORIZE YOU TO DRAW ON
Illinois.
J .-.J1)j:L;:i G cotiiuEfi
The Northern Trust Company, Chicago
FOR ACCOUNT OF Arthur J. Rogers Enterprises, 3170 lies Plaines Avenue, Des Plaines,
Illinois 60018.
UP TO THE AGGREGATE AMOUNT OF US$30,000.00--(Thirty thousand U. S. Dollars)
AVAILABLE BY YOUR DRAFTS AT SiIY
TO BE ACCOMPANIED BY
Your signed statement certifying that Arthus J. Rogers Enterprises, Des Plaines, Illi-
nois 60018, has failed to comply with the installation of third lift pavement of asphalt
surface course on Coyle, Carmen Dive and Greenleaf' Avenue, in Rogers Industrial Park,
ETI: Grove Village, Illinois, in accordance with the terms of contract dated February
18, 1975.
WE HEREBY AGREE WITH THE DRAWERS. ENDORSERS AND BONA FIDE HOLDERS OF DRAFTS
DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT THAT THE SAME. WILL BE
DULY HONORED IF PRESENTED AT THIS OFFICE ON OR
TOGETHER WITH THIS LETTER OF CREDIT.
ALL DRAFTS MUST BE MARKED "DRAWN UNDER THE NORTHERN TRUST COMPANY CRcD1T
No. Ic 46721 (SB) DATED hay 7, 1975.
THIS CREDIT G
AND PRP.CTI I FOR "U OJ—fZ CUTT OTHE UNIFORM CUST01d5
McNTAF!Y CREDITS (1962 ; 1
REVISION). INTERNATIONAL CHAMBER OF CONI-
-
M�RCE. BkOGH LIRE NO. 222.
809
l -he original of this letter of credit is in the safety deposit box of the B.nk of
I --1k Grove.