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RESOLUTION NO. 11-82 <br />A RESOLUTION ACCEPTING TWO REPLACEMENT LETTERS OF CREDIT FROM <br />THE FIRST NATIONAL BANK OF BLUE ISLAND IN THE AMOUNTS OF $40,700 <br />AND $57,200 TO GUARANTEE THE COMPLETION OF CONSTRUCTION OF PUBLIC <br />IMPROVEMENTS IN THE IN THE REGENCY SQUARE PHASE II NORTH DEVELOPMENT <br />AND THE KENT STREET EXTENSION AND RELEASING TWO PRIOR LETTERS OF <br />CREDIT EXPIRING MARCH 1, 1982 <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, Illinois: <br />Section 1: That the President and Board of Trustees do hereby authorize <br />the acceptance of two replacement Letters of Credit from the First National <br />Bank of Blue Island, No. 14471 in the amount of $40,700.00 and No. 14472 in <br />the amount of $57,200.00, expiring March 1, 1983, to guarantee the completion <br />of construction of public improvements in the Regency Square Phase II North <br />Development and the Kent Street Extension, copies of which are attached <br />hereto and made a part hereof as if fully set forth. <br />Section 2: That the Village Mr_nager is hereby directed to release <br />Letters of Credit No. 13893 in the amount of $37,000.00 and No. 13894 in <br />the amount of $52,000.00 previously accepted and approved, to the developer <br />in exchange for the replacements Letters of Credit approved and accepted herein. <br />Section 3: That this resolution shall be in full force and effect from <br />and after its passage and approval according to law. <br />PASSED this 9th day of March <br />APPROVED this 9th day of <br />ATTEST: <br />Fay M. Bishop <br />Village Clerk <br />Ma <br />Charles J. Zettek <br />Village President <br />1982. <br />1982. <br />