HomeMy WebLinkAboutRes 55-83 12/06/1983
RESOLUTION NO.
55-83
A RESOLUTION AUTHORIZING A REDUCTION IN THE
LETTER OF CREDIT PERTAINING TO CABLENET, INC.
COMMUNICATION SYSTEMS
WHEREAS, the Mayor and Board of Trustees of the Village of
Mount Prospect did adopt Ordinance No. 3120, passed and ..
approved on June 2,1981, which Ordinance No. 3120 amended
the Village Code of Mount Prospect by creating an entirely
new Chapter 6 of said Code establishing regulations for the
franchise and operation of a cable television system within
the Village of Mount Prospect; and.
WHEREAS, Resolution No. 27-81, passed and approved
July 21, 1981, authorized execution of a Franchise Agreement
between the Village of Mount Prospect and Cablenet, Inc.
for the installation and operation of a Cable Communication
Systems within the Village of Mount Prospect; and
WHEREAS, in accordance with Section 6.412 entitled "Liability
and Indemnification", subparagraph D requires the Grantee,
Cablenet, Inc. to maintain a letter of credit in the amount of
$200,000 until such time as 90% of the subscriber service is
made available, at which time the letter of credit shall be
reduced to $50,000; and
WHEREAS, Cablenet Inc., the Grantee for the subject Franchise
Agreement, has officially notified the Village of Mount Prospect
that cable television is now available to 90% of the service
area and has requested the corporate authorities to reduce their
letter of credit from $200,000 to $50,000.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
I
SECTION ONE: The corporate authorities of the Village of
Mount Prospect do hereby authorize the Canadian Imperial Bank
of Commerce to reduce the Letter of Credit, drawn under Number 0 ,
dated September 2,1981, in favor of the Village of Mount Prospe t
to be reduced from $200,000 to $50,000.
SECTION TWO: The Village Clerk is hereby authorized and
directed to forward a certified copy of this Resolution to
the Canadian Imperial Bank of Commerce.
SECTION THREE: That this Resolution shall be in full force
and effect from and after its passage and approval in the
manner provided by law.
AYES:
Arthur, Farley, Floros, Murauskis, Wattenberg
NAYS:
Van Geem
ABSENT: None
PASSED and APPROVED this --6..t.h day of
December
, 1983.
ATTEST:
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