(A) Letter of credit format.
Bank Name and Address Irrevocable Credit # ____________ |
______________________________ Date _________________________ |
______________________________ |
All drafts must be marked: “Drawn under Credit # _______________ Dated ________________.” |
Gentlemen: |
We hereby open an Irrevocable Letter of Credit in the amount of ___________________ ($___________) in your favor for the account of (developer) ______________________, the developer of (subdivision) ____________________________, a proposed subdivision for final plat in the County of Rock Island, Illinois, or within its territorial jurisdiction, for the benefit of the County of Rock Island, Illinois. Said money shall be available by your drafts at sign drawn on us drawn in the name of the County of Rock Island, Illinois. |
Drafts must be accompanied by a signed statement by the Administrative Officer of the County of Rock Island, Illinois, that the request is for the installation or construction of improvements required pursuant to the plans, specifications and cost estimated dated _______________________, as approved by the Administrative Officer. Further, all requests for disbursements under this Letter of Credit made prior to ________________________ shall be submitted by the developer and accompanied by a certified estimate of units and value of work completed with contractor’s sworn statement and waiver of mechanics’ liens, all approved by the Developer’s Professional Engineer and the Administrative Officer of the County of Rock Island, Illinois. It is understood as to all disbursements that the Administrative Officer shall approve practical drawings only as long as there remains a sufficient balance to the Credit to cover his then current estimate of costs for the required improvements which at the time remain to be completed, but in no case shall his approval exceed ninety percent (90%) of the value of work completed. |
In the event that all of the work for the improvements is not completed to the satisfaction of the County on or before ___________________________, the funds remaining under this Letter of Credit shall be available to the County of Rock Island, Illinois, under presentation of their draft at sign drawn on us in the name of the County of Rock Island, Illinois. Further, such draft shall be accompanied by a signed statement by the Administrative Officer of the County of Rock Island, Illinois as follows: “I _______________________ Administrative Officer of the County of Rock Island, Illinois, do hereby certify that work on required improvements in the subdivision __________________ named has not been completed to the satisfaction of the County of Rock Island, Illinois, on or before _________________________.” |
This credit shall expire on _________________; provided, however, the undersigned shall notify the Administrative Officer by certified mail, return receipt requested, at least ninety (90) days prior to the expiration date that this Letter of Credit is about to expire and provided, however, in no event shall this Credit expire except upon prior written notice, it being expressly agreed by the undersigned that the above expiration date shall be extended as shall be required to comply with this notice provision. |
The undersigned further agrees that this Credit shall remain in full force and effect and pertain to any and all amendments or modifications which may be made from time to time to the specifications, and agreements for the subdivision, without notice from the County of the amendments or modifications. |
All acts, requirements and other preconditions for the issuance of this Irrevocable Letter of Credit have been completed. |
We hereby engage with the drawers, endorsers, and bona fide holders of drafts, drawn under and in compliance with the terms of this Credit, that same shall be honored upon presentation to the drawer. This Credit must accompany any draft which exhausts the Credit and must be surrendered concurrently with the presentation of such draft. |
We hereby undertake and engage that all demands made in conformity with this Credit shall be honored upon presentation. If, within ten (10) days of the date any demand made in conformity with this Credit is presented, we fail to honor same, we agree to pay all attorneys fees, court costs, and other expenses incurred by the County of Rock Island, Illinois, in enforcing the terms of this Credit. |
Dated __________________________ Bank___________________________________________ |
By ______________________________________________ |
Attest:_____________________________________________________ |
(B) Signature area; final plat. The following signature blocks must be part of the subdivision final plat.
__________________________________ __________________________________ |
Property Owner(s) Illinois Professional Surveyor |
__________________________________ __________________________________ |
Subdivider* Incorporated Municipality** |
Approved this _________________ Day of ____________________, A.D. _______________ |
___________________________________________________ |
Rock Island County Clerk |
Approved ____________________ this Day of _________________, A.D. _______________ |
___________________________________________________ |
Rock Island County Administrative Officer |
*If different from owner(s). |
**If required for approval. |
(Prior Code, § 3-3-5) (Res. passed 10-18-1994; Res. passed 4-21-1998)