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RESOLUTION NO. 23-86 <br />A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 1986-1-230 <br />FROM THE MOUNT PROSPECT STATE BANK IN THE AMOUNT OF $10,000.00 TO <br />GUARANTEE THE MAINTENANCE OF PUBLIC IMPROVEMENTS, EXPIRING MAY 1, 1988 <br />AND RELEASING LETTER OF CREDIT NO. 207 FROM THE FIRST NATIONAL BANK OF <br />MOUNT PROSPECT PREVIOUSLY ADOPTED BY RESOLUTION NO. 51-83 FOR WOODLAND <br />SOUARE OFFICE COMPLEX <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, State of Illinois; <br />Section 1: That the President and Board of Trustees do hereby authorize the <br />acceptance of a Letter of Credit No. 1986-1-230 from the Mount Prospect State <br />Bank in the amount of $10,000.00 to guarantee the maintenance of public improve- <br />ments in the development known as the Woodland Square Office Complex as fully <br />described in Exhibit "A" attached hereto and made a part hereof in accordance <br />with engineering plans prepared by the Chia Company of Engineers and approved <br />by the Village of Elk Grove Village dated December 17, 1980, reissued December <br />20, 1982 and revised June 3, 1983. Said Letter of Credit becoming effective <br />February 3, 1986 and expiring May 1, 1988; and releasing Letter of Credit No. <br />207 in the amount of $71,500.00 previously adopted by Resolution No. 51-83 from <br />the First National Bank of Mount Prospect guaranteeing the maintenance of completed <br />improvements in Woodland Office Complex. <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 <br />this <br />11th <br />day <br />of <br />March <br />, 1986. <br />APPROVED <br />this <br />11th <br />day <br />of <br />March <br />, 1986. <br />Charles J. Zettek <br />Village President <br />ATTEST: <br />Patricia S. Smith <br />Village Clerk <br />