HomeMy WebLinkAboutResolutions - R-81-24 - 10/15/1981 - McHenry Lakes Estates Letter of Crredit R-81-24
RESOLUTION
WHEREAS First National Bank of Woodstock issued its irrevocable
letter of credit #79-109, dated October 26, 1979 in favor of the City
of McHenry in the amount of $140,000.00, being a guarantee of funds
for site improvements to McHenry Lakes Estates Unit One, being a sub-
division in McHenry County, Illinois; and,
WHEREAS the owner and/or developer has failed to satisfactorily
complete or carry on the work of the installation and construction of
the required improvements; and
WHEREAS the owner and/or developer has been notified by the City
of McHenry that said municipality finds a breach of the owners and/or
developers obligation has occurred and has not been cured for 90 days.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of
McHenry, McHenry County, Illinois, that the Mayor of the City of McHenry
be and is hereby authorized and directed to draw a draft at sight on
the First National Bank of Woodstock in the amount of $70,000.00 to
cure the aforesaid breach, and to present, or cause the same to be
presented, to the First National Bank of Woodstock on or before the
expiration of the aforesaid letter of credit bearing on the face of
said draft, the inscription "Drawn under the First National Bank of
Woodstock, Illinois, Letter of Credit #79-109."
PASSED this 15th day of October, 1981 .
AYES: Pepping, Nolan, Datz, Wieser, Smith, Serritella, Meurer.
NAYS: None.
ABSTAIN: None.
ABSENT: Harker.
APPROVED this 15th day of October, 1981 .
Mayor
ATTEST: dA,42)2.4. 44,-/
City Clerk