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RESOLUTION NO. 5-86 <br /> A RESOLUTION ACCEPTING AND PLACING ON FILE AN EXTENSION TO AN <br /> IRREVOCABLE LETTER OF CREDIT FROM THE FIRST NATIONAL BANK OF <br /> BLUE ISLAND NO. 14471 (EXPIRING AUGUST 28, 1986) IN THE AMOUNT <br /> OF $22,385.00 TO GUARANTEE THE COMPLETION OF CONSTRUCTION AND <br /> MAINTENANCE OF PUBLIC IMPROVEMENTS IN THE REGENCY SQUARE PHASE <br /> II NORTH DEVELOPMENT AND THE KENT STREET EXTENSION (PREVIOUSLY <br /> ADOPTED BY RESOLUTION NO. 11-82 AND AMENDED BY RESOLUTION NO. <br /> 70-83, 69-84, AND 74-85) <br /> NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of <br /> the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois: <br /> Section 1: That the President and Board of Trustees do hereby authorize <br /> the acceptance of an irrevocable Letter of Credit from the First National Bank <br /> of Blue Island, No. 14471 in the amount of $22,385.00, expiring August 28, 1986, <br /> to guarantee the completion of construction and maintenance of public improvements <br /> in the Regency Square Phase II North Development and the Kent Street Extension, <br /> copies of which are attached hereto and made a part hereof as if fully set forth. <br /> Section 2: That this resolution shall be in full force and effect from and <br /> after its passage and approval according to law. <br /> PASSED this 14th day of January , 1986. <br /> APPROVED this 14th day of January , 1986. <br /> Charles J. Zettek <br /> Village President <br /> ATTEST: <br /> Patricia S. Smith <br /> Village Clerk <br />