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RESOLUTION NO. 22-87 <br />A RESOLUTION ACCEPTING AMENDMENT NO. 1 TO LETTER OF CREDIT <br />SPL 28304 (ORIGINALLY ADOPTED BY RESOLUTION NO. 62-86) <br />DECREASING THE AMOUNT FROM $1,623,407.50 TO $657,281.00 <br />EXPIRING JULY 21, 1987 FROM HARRIS BANK (TERRESTRIS <br />DEVELOPMENT CORPORATION) FOR PROPERTY COMMONLY KNOWN AS <br />STAPE'S SUBDIVISION PHASE II, 111, IV (WINDEMEREI <br />NOW, THEREFORE, BE IT RESOLVED by the President and Board of <br />Trustees of the Village of Elk Grove Village, Counties of Cook and <br />Du Page, State of Illinois: <br />Section 1: That the President and Board of Trustees do hereby <br />authorize the acceptance of Amendment No. 1 to Letter of Credit No. <br />SPL 28304 decreasing the amount from $1,623,407.50 to $657,281.00 from <br />the Harris Bank, Chicago, Illinois, (Terrestris Development) to <br />guarantee completion of public improvements for property commonly known <br />as Stape's Subdivision Phase II, III, and IV (Windemere). Said Letter <br />of Credit expiring July 21, 1987. <br />Section 2: That this Resolution shall be in full force and <br />effect from and after its passage and approval according to law. <br />PASSED this 24th day of March , 1987. <br />APPROVED this 24th day of March , 1987. <br />Charles J. Zettek <br />Village President <br />ATTEST: <br />Patricia S. Smith <br />Village Clerk <br />