R-10-99 Authorizing Release of Letter of Credit for Bailey's Crossing SubdivisionRESOLUTION NO. jP /) - j j
RESOLUTION AUTHORIZING RELEASE OF LETTER OF CREDIT FOR
BAILEY'S CROSSING 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 Bailey's Crossing Subdivision, located north of Archer Avenue
& east of Castlewood Estates in Lemont, Illinois, an Irrevocable Letter of Credit #4239, Cole Taylor
Bank, in the amount of $468,127.00 was deposited with the Village of Lemont on October 27, 1994
to cover remaining public improvements; and
WHEREAS Ian McDonnell, McBoy Construction Company, has made application for
release of the Irrevocable Letter of Credit #4239; 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: All site work covered under Letter of Credit #4239 has been satisfactorily
completed.
SECTION 2: The Irrevocable Letter of Credit #4239 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 #4239 for Bailey's Crossing Subdivision is
hereby released.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VITJ.AGE OF LEMONT, COUNTIES OF COOK, DuPAGE AND WILL, ILLINOIS, on this
a ,2mday of ■aA 199 9
Barbara Buschman
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Mary Studebaker
AYES
NAYS PASSED ABSENT
✓'j
HARLENE SMOLLEN, Village Clerk
Approved by me thiso27"oL day of ? ' ,_ , 199 9
lak,AAI
ri • ' • A. KWASNES NI , illage President
Attest:
CHARLENE SMOLLEN, Village Clerk
Prepared by:
Planning Department
Village of Lemont
418 Main Street
Lemont, Il 60439
doc.id.bailey.acc
APPROVED AS TO FORM:
DATE II-3W
Cola Taylor Beak
5501 West 79th Street
,Burbank, Illinois 60459
708 - 424 -9450
October 19, 1998
Certified Mail # Z 470 167 788
IRREVOCABLE LETTER OF CREDIT
NO. 4436
Village President and Board of Trustees
Attn: Scott Buening
Village of Lemont
418 Main Street
Lemont, IL 60439
Issue Date: October 19, 1998
Beneficiary: City of Lemont
Amount: $23,406.35
Expiration Date: December 19, 1998
Re: Bailey's Crossing
[McBoy Construction Co.]
Gentlemen:
COLE TAYLOR BANK
Cole Taylor Bank ( "Bank ") hereby establishes, at the request of and for the account of McBoy
Constsruction, Inc., in favor of the Village of Lemont ( "Beneficiary ") our Irrevocable Letter of Credit No.
4436 for the sum or sums not exceeding TWENTY THREE THOUSAND FOUR HUNDRED SIX AND
35/100 ($23,406.35) (the "Credit Amount ") available October 19, 1998 and expiring on December 19,
1998, (the "Expiration Date "). The Credit Amount is available to Beneficiary against presentation of
Beneficiary's draft(s) at sight drawn on Bank at 5501 West 79th Street, Burbank, Illinois, 60459.
This Irrevocable Letter of Credit expires December 19, 1998, provided that the Bank has given written
notice to the Village Manager, by certified mail, return receipt requested, at least thirty (30) days prior to
such date that this Letter of Credit is due to expire. In no event shall this Irrevocable Letter of Credit or its
obligations contained herein expire except upon said prior written notice, it being expressly agreed by the
undersigned that the above expiration date shall be extended for the period necessary to comply with this
notice provison.
Any reference to that certain Agreement is for reference and identification purposes only and is not part of
or incorporated in this credit.
Each request drawn under this Letter of Credit must be accompanied by:
(i)
an original executed Sight Draft, in the form attached hereto as Annex A (the "Sight
Draft ");
(ii) an original executed certification, in the form of a letter, on beneficiary's letterhead, in the
form attached hereto as Annex B (the "Certification "); and
(iii) this original Letter of Credit, so that the amount of any partial draw upon this Letter of
Credit can be marked or reflected thereon, prior to being returned to the beneficiary, or so
that this Letter of Credit can be retained and canceled if the entire balance or remaining
balance of the Credit Amount is drawn hereunder.
This Letter of Credit shall expire on the earlier to occur of:
(i) the Expiration Date;
(ii) the date on which Beneficiary surrenders this Letter of Credit to Bank for
cancellation; or
(iii) payment at any time by Bank of the entire balance or the remaining balance of the Credit
Amount. If the Expiration date of this Letter of Credit is not a business day (as defined
below), then this Letter of Credit shall expire at Bank's close of business on the first
business day thereafter. Beneficiary shall promptly deliver this Letter of Credit to Bank
upon expiry.
We hereby engage with the Beneficiary that at least 30 days prior to the expiration of this Irrevocable
Letter of credit, we shall notify the Village of Lemont by Certified Mail Return Receipt Requested of the
impending expiration date. This commitment shall not terminate without such notice, which may also be
given after the expiration date.
The Credit Amount of this Letter of Credit shall be automatically reduced by the amount of any previous
payment by Bank hereunder, regardless of whether any such payment is marked or reflected on this Letter
of Credit.
This Letter of Credit shall be governed by Article 5 of the Uniform Commercial Code as in effect in the
State of Illinois and the International Chamber of Commerce's Uniform Customs and Practices for
Documentary Credits, 1993 issuance of the International Chamber of Commerce publication No. 500. To
the extent that there are any conflicts or inconsistencies between applicable law and the Uniform Customs
and Practices for Documentary Credits, the provisions of the Uniform Customs and Practices for
Documentary Credits shall prevail and govern.
This Letter of Credit is irrevocable and unconditional. This Letter of Credit sets forth in full the terms of
Bank's undertaking, and this undertaking shall not in any way be modified, amended or amplified by
reference to any document, instrument or agreement referred to herein or in which this Letter of Credit is
referred to or to which this Letter of Credit relates and any such reference shall not be deemed to
incorporate herein by reference any document, instrument or agreement.
This Letter of Credit is not transferable or assignable, except with the prior written consent of Bank.
Please address all correspondence regarding this Letter of Credit to the attention of our Commercial Real
Estate Department, mentioning our reference number as it appears above.
Very truly yours.
COLE TAYLOR BA
Karl Hershberger
Vice President
COLE TAYLOR BANK
By
James Hauwiller
Real Estate Banking Officer
Cole Taylor Bani
5501 West 79th Street
Burbank, Illinois 60459
708 - 424 -9450
AMENDMENT
Via Certified Mail -
Return Receipt Requested
November 24, 1998
Village President and Board of Trustees
Attn: Scott Buening
Village of Lemont
418 Main Street
Lemont, IL 60439
Gentlemen:
Re: LETTER OF CREDIT NO. 4436
(Bailey's Crossing)
BENEFICIARY: Village of Lemont
APPLICANT: McBoy Construction Co.
CURRENT EXPIRY DATE: December 19, 1998
EXTENDED EXPIRY DATE: November 24, 1999
AMOUNT: $23,406.35
�i►i
COLE TAYLOR BANK
Please be advised that original Letter of Credit No. 4436 dated October 19, 1998, is hereby
amended as follows:
The expiry date is hereby extended from December 19, 1998, to November 24, 1999.
All drafts so drawn must be marked "Drawn under Cole Taylor Bank Letter of Credit No. 4436
dated October 19, 1998, as amended November 24, 1998 ".
Except as modified by this Amendment, the terms and conditions of the Letter of Credit shall
remain in full force and effect. Please acknowledge your authorization and /or consent for this
Amendment to Letter of Credit No. 4436 on the enclosed copy of this Amendment where
indicated below and return the same to the undersigned at your earliest opportunity.*
Sincerely,
COL 1AYLOR BANK 1
By:
'Vincent F. Dale , Jr I U
Senior Vice President
VFD /svw
4436amnd
cc: Matthew J. Boyce
McBoy Construction Co.
Certified Mail # Z 470 167 805
Member FDIC C1
COLE TAYLO
Attest.
Karl Hershberger
Vice President
'AFORESAID LETTER OF CREDIT AMENDMENT
AUTHORIZED AND CONSENTED TO:
VILLAGE OF L-EMONT
By: -(-7
Its:
a r
McBOY CONSTRUCTION CO.
By:
Its
MS. JOANNA LITTRELL
LEMONT NGINEER
418 AIN STREET
L ONT, IL 60439
AUGUST 31, 1998
McBOY CONSTRUCTION COMPANY
9400 W. 174th STREET
TINLEY PARK, IL 60477
(708) 430 -7840
C
WE WOULD LIKE TO REQUEST A FINAL INSPECTION
AT BAILEY'S CROSSING IN LEMONT. ALL ITEMS NOTED
ON THE PUNCH LIST HAVE BEEN COMPLETED AND ARE
READY FOR INSPECTION.
THANK YOU,
IAN McDONNELL
[TI WIIITT 1fi