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RESOLUTION NO. 21-83 <br />A RESOLUTION ACCEPTING AND PLACING ON FILE THREE (3) IRREVOCABLE <br />STANDBY LETTERS OF CREDIT (REPLACING THE PERFORMANCE BOND FROM <br />PEERLESS INSURANCE CO. ADOPTED BY RESOLUTION NO. 1-80) FROM THE <br />BANK OF ELK GROVE NO. 1650, $3,530.5.0; NO. 1651, $25,230; AND <br />NO. 1652, $16,500; GUARANTEEING THE CONSTRUCTION OF PUBLIC IM- <br />PROVEMENTS IN THE GULLO INTERNATIONAL OFFICE AND INDUSTRIAL <br />CENTER SUBDIVISION NORTH OF OAKTON STREET <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 and placing on file three (3) Letters of Credit totaling <br />$51,260.50 from the Bank of Elk Grove, guaranteeing the construction of <br />public improvements: sidewalk work, streets, curbs, water mains, sanitary <br />sewers, storm sewers, and street lights in the development known as Gullo <br />International Office and Industrial Center in accordance with the plans and <br />specifications prepared by the Chia Company, 5732 Gardner Court, Hanover <br />Park, Illinois and approved on October 11, 1979. Letters of Credit No. <br />1650 expires May 18, 1984, No. 1651 and No. 1652 expire May 15, 1985. <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 <br />this <br />22nd <br />_ day <br />of <br />March , <br />1983. <br />APPROVED <br />this <br />22nd <br />day <br />of <br />March , <br />1983. <br />i <br />Village President <br />ATTEST: <br />Village Clerk <br />