R-56-97 Resolution authorizing release of letter of cedit for the steeples subdivisionV.C.4
RESOLUTION NO. - EL,
RESOLUTION AUTHORIZING RELEASE OF LETTER OF CREDIT FOR
THE STEEPLES SUBDIVISION
WHEREAS pursuant to the Subdivision Regulations, an owner or developer of a subdivision
is required to deposit certain security or evidence thereof with the Village of Lemont to guarantee
the installation of such improvements; and
WHEREAS in the matter of The Steeples Subdivision, located on Archer Avenue, between
Smitty & Klotz Avenue in Lemont, Illinois, an Irrevocable Letter of Credit #96 -507, State Bank of
Countryside, in the amount of $93,187.50 was deposited with the Village of Lemont on December
9, 1996 to cover remaining public improvements; and
WHEREAS McArcher Development, Inc. has made application for release of the Irrevocable
Letter of Credit #96 -507; and
WHEREAS a duly authorized agent of the Village of Lemont has inspected certain portions
of the improvement and has found these portions to have been satisfactorily installed;
NOW, 'THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that:
SECTION 1: Preliminary site work covered under Letter of Credit #96 -507 has been
satisfactorily completed.
SECTION 2: The Irrevocable Letter of Credit #96 -507 is hereby released.
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that the Irrevocable Letter of Credit #96 -507 for The Steeples Subdivision is
hereby released.
PASSED AND APPROVED BY 111E PRESIDENT AND BOARD OF TRUSTEES OF
171x; VILLAGE OF LEMON', C�� NTIES OF COOK, WILL, AND DU PAGE, ILLINOIS,
on this /j ? day of �� z-, , 1997.
AS NAYS PASSED ABSENT
Barbara Buschman
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Mary Studebaker
Approved by me this /3 *da
Atte
CHARLENE M. SMOLLEN, Village Clerk
M. SMOLLEN, Vi age Clerk
NESKI, Village President
STATE BANK OF COUNTRYSIDE
IRREVOCABLE LETTER OF CREDIT
Issue Date: December 9, 1996
Irrevocable Documentary Credit Number: 96 -507
Applicant: McArcher Development, Inc.
Beneficiary: Village of Lemont
418 Main Street
Lemont, IL 60439
Amount: $93,187.50
Expiration: December 9, 1997
Gentleman:
We hereby establish in your favor, our Irrevocable Letter of Credit No. 96 -507 which is
available for payment of your drafts at sight, drawn on State Bank of Countryside,
Countryside, Illinois, bearing the clause: "DRAWN UNDER STATE BANK OF
COUNTRYSIDE, COUNTRYSIDE, ILLINOIS, CREDIT NUMBER 96 -507" and
accompanied by:
A Statement of one purporting to be the Village Administrator and one purporting to be
the Engineer or one purporting to be a duly authorized official of the Village of Lemont
certifying that McArcher Development, Inc. and/or the developer and owner have failed to
perform all duties and obligations assumed by them in a certain Annexation Agreement
dated the 22nd day of January, 1996, including but not limited to, all subdivision
improvements required by the Village Engineer and the Village Subdivision Ordinance, as
shown below:
Site Earthwork
Storm Sewer
Site Paving
(continued on page two)
$46,330.00
$7,100.00
$21,120.00
6734 Joliet Road
Countryside, IL 60525
(708) 485 -3100
(708) 485 -3106 - fax
• 6053 W. 79th Street
Burbank, IL 60459
(708) 599-9860
(708) 599 -9884 - fax
• 16 W 445 S. Frontage Rd.
Burr Ridge, IL 60521
(630) 655-3113
(630) 655 -3159 - fax
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
• 16250 S. LaGrange Road
Orland Park, IL 60462
(708) 873-1485
(708) 873 -1508 - fax
Irrevocable Letter of Credit No. 96 -507
December 9, 1996
Page Two
It is a condition of this Letter of Credit that it shall be automatically extended for
additional periods of one (1) year unless at least 30 calendar days prior to the then relevant
expiration date, we have advised you in writing that we elect not to so extend. In that
event, you may draw hereunder on or prior to the relevant expiration date, up to the full
amount then available hereunder against your sight draft(s) on us, bearing the number of
this Letter of Credit. Partial drawings are allowed.
We hereby engage and agree with you and will all endorsers and bonafide holders of all
drafts drawn under and in compliance with the terms of this credit that your drawings in
conformity with the terms of the Letter of Credit will be duly honored upon presentation.
This documentary credit is subject to the "Uniform Customs and Practice for
Documentary Credits" (1974 revision) International Chamber of Commerce (publication
no. 290).
STATE BANK OF COUNTRYSIDE
Attest:�CG�,