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RESOLUTION NO. 28-05 <br />A RESOLUTION RELEASING A LETTER OF CREDIT NO. 136 FROM FIRST COMMUNITY <br />BANK IN THE AMOUNT OF $157,991.00 (ACCEPTED BY RES. NO. 49-02) AND ACCEPTING <br />A LETTER OF CREDIT NO. 153 IN THE AMOUNT OF $14,363.00 FROM FIRST <br />COMMUNITY BANK EXPIRING MAY 1, 2007; A CERTIFICATE OF APPROVAL AND <br />INITIAL ACCEPTANCE; DEED OF CONVEYANCEBILL OF SALE TO GUARANTEE <br />PUBLIC IMPROVEMENTS (WATERMAIN, SANITARY SEWER, STORM SEWER, <br />ROADWAY, SIDEWALK, STREET LIGHTS, AND PARKWAY TREES) AT THE SARA'S <br />COURT SUBDIVISION (PATRICK FLAYERS BUILDERS. INC.) <br />NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the <br />Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois: <br />Section 1: That the Mayor and Board of Trustees do hereby authorize the release of Letter <br />of Credit No. 136 dated October 7, 2002 from First Community Bank in the amount of <br />$157,991.00 accepted by Resolution No. 49-02 and accept a Letter of Credit No. 153 dated <br />January 12, 2005 in the amount of $14,363.00 from First Community Bank expiring May 1, <br />2007; a Certificate of Approval and Initial Acceptance; Deed of Conveyance/Bill of Sale to <br />guarantee the maintenance of public improvements (watermain, sanitary sewer, storm sewer, <br />roadway, sidewalk, street lights and parkway trees) in the Sara's Court Subdivision described in <br />the engineering plans and specifications with revisions dated September 15, 2004, prepared by <br />Balsalmo-Olsen Engineering, and agreements (including any amendments thereof) on the <br />property legally described in Exhibit A (attached hereto and made part thereof). <br />Section 2: That this Resolution shall be in full force and effect from and after its passage <br />and approval according to law. <br />VOTE: AYES: 6 NAYS: 0 ABSENT: 0 <br />PASSED this 24th day of May 2005 <br />APPROVED this 24th day of May 2005 <br />APPROVED: <br />Mayor Craig B. Johnson <br />Village of Elk Grove Village <br />ATTEST: <br />Ann I. Walsh, Village Clerk <br />L,OCSwuCtSubreleweaccept <br />