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RESOLUTION NO. 24-96 <br />A RESOLUTION ACCEPTING AN IRREVOCABLE STRAIGHT LETTER OF CREDIT <br />NO. 1114 FROM AMERICAN CHARTERED BANK EXPIRING JUNE 18, 1997 IN <br />THE AMDUNT OF $15,500.00 TO GUARANTEE COMPLETION OF PUBLIC <br />IMPROVEMENTS AT BETTER LIVING SUBDIVISION NO. 2 (LAVE/TONNE RD.) <br />NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees <br />of the Village of Elk Grove Village, Counties of Cook and DuPage, State of <br />Illinois: <br />Section 1. That the President and Board of Trustees do hereby <br />authorize the acceptance of an Irrevocable Straight Letter of Credit No. <br />1114 from American Chartered Bank in the amount of $15,500.00 to guarantee <br />completion of public improvements Isanitary sewer) for Better Living <br />Subdivision No. 2 in accordance with engineering plans and specifications <br />prepared by Ccmnunity Development, Inc., the approved plans and <br />specifications with revisions dated March 5, 1996 approved on February 23, <br />1996 and agreements (including and amendments thereof). Said Letter of <br />Credit expiring June 18, 1997. <br />Section 2. That this Resolution shall be in full force and effect <br />frau and after its passage and approval according to law. <br />VOTES: AYES 6 NAYS 0 ABSENT 0 <br />PASSED this 9th day of April , 1996. <br />APPROVED this 9th day of April , 1996. <br />Dennis J. Gallitano <br />Village President <br />ATTEST: <br />Patricia S. Smith <br />Village Clerk <br />