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RESOLTUION No. 17-78 <br />A RESOLUTION ACCEPTING A LETTER OF GUARANTEE IN THE AMOUNT OF $1,530,815.43 <br />IN LIEU OF A PERFORMANCE BOND FROM ALLIANCE SAVINGS AND LOAN ASSOCIATION, <br />GUARANTEEING THE CONSTRUCTION OF PUBLIC IMPROVEMENTS FOR PARKVIEW HEIGHTS <br />SUBDIVISION LOCATED WEST OF ROHLWING ROAD AND SOUTH OF BIESTERFIELD ROAD <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 Du Page, State of Illinois: <br />Section 1. That the President and Board of Trustees do hereby authorize the <br />acceptance of a Letter of Guarantee in the amount.of $1,530,815.43 in lieu of a <br />Performance Bond, from Alliance Savings and Loan Association, guaranteeing the <br />construction of public improvements as required in the Subdivision Control Ordinance <br />at the Parkview Heights Subdivision, said improvements as shown on Exhibit "A" <br />attached hereto and made a part hereof. Said property located on the West side <br />of Rohlwing Road and South of Biesterfield Road in Elk Grove Village. <br />Section 2. The Letter of Guarantee also guarantees that if the improvements <br />are not completed by September 9, 1980, at the demand of the Village of Elk Grove <br />Village said funds will be released for the purpose of completing the requirements <br />as specified in Exhibit "A" attached hereto and made a part hereof as if fully set <br />forth. <br />Section 3. 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 March I, 1978. <br />APPROVED this 14th day of March <br />ATTEST: <br />Village rk <br />1978. <br />