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RESOLUTION NO. 11-05 <br />A RESOLUTION RELEASING AN IRREVOCABLE STANDBY LETTER OF CREDIT <br />NO. 970804 DATED MAY 20,1998 FROM NATIONSBANK, N.A. IN THE AMOUNT OF <br />$5,000.00 (ACCEPTED BY RES. NO. 21-98) TO SECURE OBLIGATIONS OF THE <br />FRANCHISE AGREEMENT OF CHICAGO FIBER OPTIC CORPORATION d/b/a <br />METROPOLITAN FIBER SYSTEMS OF CHICAGO, INC. ("MFS") <br />NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the <br />Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois: <br />Section 1: That the Mayor and Board of Trustees do hereby authorize the release of <br />Irrevocable Standby Letter of Credit No. 970804, dated May 20, 1998 from Nationsbank, N.A. in <br />the amount of $5,000.00 accepted by Resolution No. 21-98 with Chicago Fiber Optic <br />Corporation, d/b/a Metropolitan Fiber Systems of Chicago, Inc. ("MFS") pursuant to the terms <br />and provisions of that certain Franchise Agreement adopted by Ordinance No. 2303A; said Letter <br />of Credit expiring May 20, 2005. <br />Section 2: That this Resolution shall be in full force and effect from and after its passage <br />and approval according to law. <br />VOTE: AYES: 5 NAYS: 0 ABSENT: 1 <br />PASSED this 22°d day of March 2005 <br />APPROVED this 22°d day of March 2005 <br />APPROVED: <br />Mayor Craig B. Johnson <br />Village of Elk Grove Village <br />ATTEST: <br />Ann I. Walsh, Village Clerk <br />LOCrelease hiwg*jbwOptic <br />