HomeMy WebLinkAboutRESOLUTION - 132-73 - 11/27/1973 - LOC ACCEPT/THIRD LIFT/MAYFAIR IND PARKRESOLUTION NO. T32-73
A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM THE FIRST ARLINGTON
NATIONAL BANK GUARANTEEING THE CONSTRUCTION OF A THIRD LIFT ON THE
EXISTING STREETS IN THE kl\YFAIR 1.0USTRIAL 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 $20,000.00 from the First Arlington National Bank to guarantee
the construction by Mr. Gerald DeBruyne and/or DeBruyne Construction
Company of a one inch thick asphalt course on the existing streets in
the Mayfair 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
construction 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 October 31, 1979.
Section 3. That this resolution shall be in full force and effect from
and after its passage and approval according to law.
PASSLu this 27th day of November 1973.
APPROVED this 27thday of
AT EST:
Flccnor G. Turner
ViIloge Lierk
November
, 1973.
Charles J. 2ettek
Village President
FIRST AREJNTGTOi:� 1 ATION-A.L BANK
DOWNTOWN PLAZA . APLINGTON NEIGNTS. ILLINOIS . 60006 . 312.259nOOO
November 26, 1973
Village of Elk Crova Village
901 Wellin;;ton Avenue
Elk Grove Villagc, IL 60007
R E C-iV103
VRLAi E Ci ;CL
Re: Mayfair Industrial Park
Elk Grove Village, IL 60007
3rd Lift: $20,000.00
Dear Sirs:
This is an irrevocable letter of credit in accordance with your letter
dated October 30, 1973.
At the request of Mr. Gerald De Bruyne and/or De Bruyne Construction Company
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and in accordance with all applicable banking lags and regulations, we .j
authorize you to drama on First Arlington :rational up to as aggregate 1
amount of Twenty lhous=J Dollars ($20,003.00 a^ailaole by your drafts at ie}
sight accompanied by your stateront, and/or demand as insured, that Gerald
De Bruyne and/or De Bruyne Construction Company have failed to complete ;pork
or underta%ings connected with the improvements of "ayfair Industrial Park �y
on behalf of the Village of i'lk Grove Village, which is or has been the
obligation of the De Bruyne Construction Company covering: - {�
the construction of a one inch thick asphalt course on the existing
streets in the Ynyfair Industrial park. The construction of the asphalt
layer will be constructed at such tire as seventy-five (751) percent 7
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of the fronta-;z bordering s:ices: -.greets has beer. irpreved with t
buildirc or fire s from date street construction whichever
, year. ,
event shell occur first. The construction shall not be started until
all base failures are corr.0 eu.
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We engage with you that all crafts dr2,..,n under end in corpli nee with the
Lerms of this tetter of crojit will be c.11y honorer on delivery of docu-.eots :
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as specified if negotQted on or before October 31, 1979. We confirm the � �!
letter of. Credit and thereby un'arLnke that all drafts drawn and negotiated S•
as above specified will be duly honored by us.
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The original of this Letter of Credit is in the Safety GepoSit Box at the Bank of Elk G.
Village of Elk Grove Village
November 26, 1973
Page two
This letter of credit, except as otherwise expressly provided, is covered
by the Uniform Cc-,=_rcial Code in force in Illinois on the date of this
letter of credit.
Very truly yours,
FIRST Ac�LINGTON RATIONAL BANK.
resident
Attest:
Assistant Cashier
Acceptance:
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Acceptance of this letter of credit is acknowled.ed by the undersigned,
subject only to approval by the Village Board of the Village of Elk Grove
Village.
Charles, l,'i.11is, City .Lnager