(Letterhead of a Bank, Savings & Loan or Mortgage House)
____________________________, 20____
Village President _______________________________
and Board of Trustees
Village of Waterman
215 W. Adams St.
Waterman, IL 60556
RE: Letter of Credit No:_______________________________
For Account of:_________________________________
Amount:____________________________________________
Date:____________________________________________
Village of Waterman:
We hereby establish in your favor this irrevocable letter of credit in favor of_________________________________ , developer, and_________________________________ , owner, in the amount of_________________________________ Dollars ($ ), which equals 125% of the cost of the improvements described herein. We understand that this irrevocable letter of credit is to be used to construct the following improvements in the residential development known as_________________________________ to be constructed with the Village of Waterman, Illinois.
Division "A" - Sanitary Sewer |
(Engineer's Estimate = _______________________) |
Division "B" - Water Main |
(Engineer's Estimate = _______________________) |
Division "C" - Storm Sewers |
(Engineer's Estimate = _______________________) |
Division "D"" - Streets |
(Engineer's Estimate = _______________________) |
Division "E" - Detention Basin |
(Engineer's Estimate = _______________________) |
Division "F" - Miscellaneous Improvements |
(Engineer's Estimate = _______________________) |
The costs for the foregoing improvements are detailed in the attached Engineer's Cost Estimate.
(1999 Code ch. 10, appendix II; amd. 2005 Code)