Laserfiche WebLink
RESOLUTION NO. 11-78 <br />A RESOLUTION ACCEPTING EXTENSIONS TO TWO (2) LETTERS OF CREDIT FROM <br />THE FIRST NATIONAL BANK OF CHICAGO (Letters of Credit Number G.T. <br />4089D AND G.T. 4108D) GUARANTEEING THE CONSTRUCTION OF BISNER ROAD <br />BETWEEN BIESTERFIELD ROAD AND THE NORTH SIDE OF WINSTON DRIVE <br />NOW, THEREFORE, BE IT ORDAINED 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 of: <br />A. An extension to a Letter of Credit, dated February 15, 1978 and expiring <br />February 9, 1979, from the First National Bank of Chicago to guarantee <br />the construction of Bisner Road from Gloucester Drive to the north side <br />of Winston Drive. Letter of Credit No. G.T. 4089D, in the amount of <br />$62,000.00. <br />B. An extension to a Letter of Credit, dated February 15, 1978 and expiring <br />March 1, 1979, from the First National Bank of Chicago to guarantee the <br />construction of Bisner Road from Biesterfield Road to Gloucester Drive. <br />Letter of Credit No. G.T. 4108D, In the amount of $54,000.00. <br />Section 2. That the terms of these Letters of Credit will be duly honored <br />as specified on or before their expiration dates. <br />Section 3. That Centex Homes, Inc., shall furnish a Deed of Conveyance and <br />two year Maintenance Bond upon the completion of construction of Bisner Road. <br />Section 4. That this resolution shall be in full force and effect from and <br />after its passage and approval according to law. <br />ATTEST: <br />PASSED this 28th day of February , 1978. <br />APPROVED this 28th day of February , 1978. <br />Eleanor G. Turner <br />Village Clerk <br />Ronald L. Chernick <br />Village President Pro Tem <br />