R-76-98 Accepting reduced letter of credit for Abbey Oaks subdivisionRESOLUTION NO. R - 71a -9i-
RESOLUTION ACCEPTING REDUCED LETTER OF CREDIT
FOR ABBEY OAKS SUBDIVISION
WHEREAS the letters of credit for Abbey Oaks Subdivision Phases I, II and III recently expired and
were replaced with substitute Letter of Credit No. 98 -596; and
WHEREAS this letter of credit is less than the amount of the original letters of credit; and
WHEREAS the original letter of credit totaled to $1,405,107.90, while the new letter of credit is in the
amount of $395,189.48; and
WHEREAS the Village Engineer has reviewed the new letter of credit and believes that the costs of
completing all remaining public improvements will be covered; and
WHEREAS if the reduced letter of credit is not accepted by the Village Board, public improvements
which are not completed will not be guaranteed by security.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of
Lemont that:
SECTION 1: Letters of Credit No. 4311 and 4321 in the amount of $1,405,107.90 are replaced by
Letter of Credit No. 98 -596 in the amount of $395,189.48
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DU PAGE, ILLINOIS, on this 10th
_day of August 1998.
Barbara Buschman
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Mary Studebaker
AYES NAYS PASSED ABSENT
V
1/
v'
CHARLENE M. SMOLLEN, Village Clerk
Approved by me this 10th day of August 1998.
Attest:
RALPH A. SCHOBERT, Mayor Pro -Tem
RLENE M. SMOLL , Village Clerk
Issue Date:
Credit number:
Applicant:
Beneficiary:
STATE BANK OF COUNTRYSIDE
IRREVOCABLE LETTER OF CREDIT
July 3, 1998
98 -596
Pat Cronin Construction Co., Inc.
Village of Lemont
418 Main Street
Lemont, IL 60439
Amount: $395,189.48
Expiration: July 3, 1999
Gentlemen and Ladies:
We hereby establish in your favor, our Irrevocable Letter of Credit no. 98 -596
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 98 -596" 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 Pat Cronin Construction Co., Inc. has failed to
perform all duties and obligations assumed by them in the development of a planned
unit development to be known as Abbey Oaks Subdivision, including but not limited
to all subdivision improvements required by the Village Engineer and a Lemont
Subdivision Ordinance and Ordinance approved said subdivision known as Ordinance
no. dated
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
• 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. 98 -596
July 3, 1998
Page Two
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).
O- COUNTRYSIDE
ice President