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RESOLUTION NO. 38-88 <br />A RESOLUTION ACCEPTING A DEED OF CONVEYANCE/BILL OF SALE FROM <br />BONGI DEVELOPMENT CORPORATION AND AN IRREVOCABLE LETTER OF <br />CREDIT NO.117496 FROM PARKWAY BANK AND TRUST CO. IN THE AMOUNT <br />OF $10,000.00 EXPIRING MAY 30, 1990 GUARANTEEING MAINTENANCE <br />OF PUBLIC IMPROVEMENTS FOR CIRCLE BAY SUBDIVISION <br />WHEREAS, the Developer (Bongi Development Corp.) has submitted a Deed <br />of Conveyance/Bill of Sale and Irrevocable Letter of Credit No. 117496 in <br />the amount of $10,000.00, which will expire May 30, 1990, to the Village of <br />Elk Grove Village as required by the Subdivision Control Ordinance and <br />fully complied with all provisions of any and all Ordinances pertaining; <br />and <br />WHEREAS, the Developer has satisfactorily submitted all necessary <br />items as required by the Village and has submitted required As -Built <br />Engineering Plans: <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, Illinois: <br />Section 1. That the Village of Elk Grove Village does hereby accept <br />a Deed of Conveyance/Bill of Sale and Irrevocable Letter of Credit No. <br />117496 from Parkway Bank and Trust Co., Harwood Hts., IL in the amount <br />of $10,000.00 expiring May 30, 1990 guaranteeing maintenance of public <br />improvements as described on the "As -Built" Engineering Plans prepared by <br />Applied Engineering, 4242 Kirchoff Road, Rolling Meadows, Illinois 60008 <br />and dated February 2, 1985 for Circle Bay Subdivision. <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 24th <br />APPROVED this 24th <br />ATTEST: <br />Patricia S. Smith <br />Village Clerk <br />day of May , 1988. <br />day of May , 1988. <br />Michael A. Tosto <br />Village Presidentpro tem <br />