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RESOLUTION NO. 27-88 <br />A RESOLUTION RELEASING LETTER OF CREDIT NO. 1053 ACCEPTED BY <br />RES. 41-86 (IN THE AMOUNT OF $70,149.00) AND ACCEPTING AN <br />IRREVOCABLE LETTER OF CREDIT NO. 1087 FROM ITASCA BANK & TRUST <br />CO. IN THE AMOUNT OF $27,797.00 EXPIRING, MARCH 17, 1989 GUARAN- <br />TEEING COMPLETION OF PUBLIC IMPROVEMENTS IN SHENANDOAH SUB- <br />DIVISION PHASE IIB <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 Du Page, State of <br />Illinois: <br />Section 1: That the President and Board of Trustees do hereby <br />authorize the release of Letter of Credit No. 1053 in the amount of <br />$70,149.00 and accept Irrevorahle Letter of Credit No. 1087 from Itasca <br />Bank & Trust in the amount of $27,797.00 to guarantee completion of public <br />improvements in Shenandoah Subdivision Phase IIB. Said Letter of Credit <br />expiring March 17, 1989. <br />Section 2: That this Resolution shall be in full force and effect <br />from and after its passage and approval according to law. <br />PASSED this 26th day of April , 1988• <br />APPROVED this 26th day of April , 1988. <br />Charles J. Zettek <br />Village President <br />ATTEST: <br />Patricia S. Smith <br />Village Clerk <br />