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RESOLUTION NO. 24-74 <br />A RESOLUTION RELEASING A LETTER OF CREDIT FROM CENTEX CORPORATION COVERING <br />THIRD LIFT REQUIREMENTS FOR LOUIS AVENUE FROM LIVELY BOULEVARD EAST TO STATE <br />ROUTE 83 AND JARVIS AVENUE FROM LIVELY BOULEVARD TO STATE ROUTE 83 AND ACCEPT- <br />ING A NEW LETTER OF CREDIT FROM CENTEX CORPORATION COVERING THIRD LIFT REQUIRE- <br />MENTS FOR JARVIS AVENUE FROM LIVELY BOULEVARD TO STATE ROUTE 83 <br />WHEREAS, during the summer of 1973, a third lift of pavement was placed on <br />Louis Avenue from Lively Boulevard to State Route 83; and <br />WHEREAS, property fronting on Louis Avenue has been seventy five (75%) per <br />cent developed, thus satisfying the requirements of the Subdivision Control <br />Ordinance. <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 DuPage, State of Illinois: <br />Section 1. That the President and Board of Trustees do hereby authorize <br />the release of Letter of Credit No. 64452, in the amount of <br />$20,000.00 from Continental Illinois National Bank and Trust <br />Company, guaranteeing the construction of a third lift of <br />pavement for Louis Avenue from Lively Boulevard east to State <br />Route 83 and Jarvis Avenue from Lively Boulevard east to State <br />Route 83 by Centex Corporation. <br />Section 2. That the President and Board of Trustees do hereby authorize <br />acceptance of Letter of Credit No. 1005853 in the amount of <br />$13,000.00 from Continental Illinois National Bank and Trust <br />Company guaranteeing the construction of a third lift of pave- <br />ment for Jarvis Avenue from Lively Boulevard to State Route 83 <br />by Centex Corporation. <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 26th day of March 1974. <br />APPROVED this 26th day of March , 1974. <br />Charles J. 7ettek <br />Village President <br />ATTEST: <br />Eleanor G. Turner <br />Village Clerk <br />