HomeMy WebLinkAboutRESOLUTION - 131-73 - 11/27/1973 - LOC ACCEPT/MAYFAIR IND PARKRESOLUTION NO. 131-73
A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM THE FIRST ARLINGTON
NATIONAL BANK GUARANTEEING THE COMPLETION OF PUBLIC IMPROVEMENTS IN
MAYFAIR 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 November 26, 1973, in the
amount of $100,000.00 from the First Arlington National Bank, to guar-
antee the completion by Mr. Gerald DeBruyne and/or DeBruyne Construction
Company of public improvements in the Mayfair Industrial Park, covering
the construction of asphalt surface course of pavement, construction of
sidewalks, construction of street lights, and completion of all necessary
repairs as required on the Punch List, prepared by Elk Grove Village on
August 13, 1973 and submitted to the developer on August 17, 1973.
Section 2. That all drafts drawn under and in compliance with the terms
of the Letter of Credit will be duly honored on delivery of documents as
specified in the Letter of Credit if negotiated on or before December 31,
1974.
Section 3. That this resolution shall be in full force and effect from
and after its passage and approval according to law.
PASSED this 27th day of
APPROVED this 27th day of
ATTEST:
�.
viiiage LierK
November , 1973.
FIRST APLINGTO1 NATIONAL BA --N K
DOWNTOWN PLAZA . AR46NGTON HEIGHTS. ILLINOIS . 60006 . 312.259-7000
Village of Elk Grove Village
901 Wellington Avenue
Elk Grove Village, IL 60007
Dear. Sirs:
November 26, 1973
RSC:-IYE,0
WLACE'I`CUICE
C���Y�A1r Ttid .I��r�J
Re: Mayfair in:lustrial
Elk Grove Village,
Project Co_?letion:
Park
IL '00007
$100,000.00
This is an irrevocable letter of credit in accordance with your letter
dated October 30, 1973.
At the request of Mr. Gerald Be Bruyne and/or Be Sruyne Construction Con?any
and in accordance with all applicable b--rk-ing lags and regulations, we
authorize you to drat: on First..r'_inptcn :rational :a._c up to an aggregate
amount of One Hundred Thousand Dollars ($1C0,000.C3) available by your
drafts at sig:it accc-nnan ied by your state-ent, and/or demand as insured,
that Gerald Be Brune and/or Be Bruyne Construction Ccm?any have failed
to complete ,.:o_k or undertae.ings connected with the i-proverents of
Mayfair lr:dustri.al Par' on behalf of the Village of .l:c Grove Village, wb=ch
is or has been the obligation of the De Bruyne Construction Company covering:
the construction of asphalt surface course Of pavement, construction
of sidewalks, construction of stre,t 1i41t.s, and completion of all
necessary repairs as required on the Punch List, a copy of which is
attached, prepared by Elk Grove Village on Au. st 13, 1973 and submitted
to you on August 17, 1973.
We engage with you that all drafts drawn under and in compliance with the
terns of this letter of credit will be duly honored on delivary of cocu-eats
as specified if necotiatcd cn it before Decarber 32., 1974. 5e confirm the
letter of credit and thcrcby undertake at all drafts drains -,nd negotiated
as above specified will he duly honored by us.
This letter of crc.,it, except as otherwise expressly_ provided, is covered
by the Uniform Commercial Code in force in Illinois on the date of this
letter of credit.
11-27-73
' i ,, ail. ACL!lY7PF7
Hvvw:a roto^.; coa•n .«euw•«cc cow•o w.rlo« ; y
Original of this Letter of Credit in Safety Deposit Box at Bank of Elk Grove
Village of Elk Grove Village
November 26, 1973
Page two
Exhibits: Exhibit A - initialled copy "Punch List" of incomplete improvement
items is attached hereto and made part of hereof.
Very truly yours,
FIRST ARLINGTON N�EIONAL Bk\K
BJ
Attest:
Assistant Cashier
Acceptance:
Acceptance of this letter of credit is acknowledged by the undersigned,
subject only to approval by the Village Board of the Village of Elk Grove
Village,
Charles i:illis, City .4anager