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RESOLUTION NO. 29-87 <br />A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 8834 <br />FROM CITIZENS BANK & TRUST CO. OF PARK RIDGE EXPIRING FEBRUARY 1, <br />1988 IN THE AMOUNT OF $71,500 TO GUARANTEE THE CONSTRUCTION OF AN <br />OFFSITE WATER MAIN EXTENSION IN THE TOUHY/HIGGINS SUBDIVISION <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 authorize <br />the acceptance of an Irrevocable Letter of Credit No. 8834 from Citizens <br />Bank and Trust Company of Park Ridge in the amount of $71,500.00 to guarantee <br />the completion of public improvements for the Touhy/Higgins Subdivision <br />Offsite Watermain Extension described in the engineering plans and specifi- <br />cations dated April 21, 1987, prepared by Cowhey, Gudmundson Leder, Ltd., <br />One Pierce Place, Itasca, Illinois 60143 on property described in Exhibit <br />"A" attached hereto and made a part hereof. Said Letter of Credit expiring <br />February 1, 1988. <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 May , 1987. <br />APPROVED this 26th day of May , 1987. <br />Charles S. Zettek <br />Village President <br />ATTEST: <br />Patricia S. Smith <br />Village Clerk <br />