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RESOLUTION NO. 131-73 <br />A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM THE FIRST ARLINGTON <br />NATIONAL BANK GUARANTEEING THE COMPLETION OF PUBLIC IMPROVEMENTS IN <br />MAYFAIR INDUSTRIAL PARK <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 <br />Illinois: <br />Section 1. That the President and Board of Trustees do hereby authorize <br />the acceptance of a Letter of Credit, dated November 26, 1973, in the <br />amount of $100,000.00 from the First Arlington National Bank, to guar- <br />antee the completion by Mr. Gerald DeBruyne and/or DeBruyne Construction <br />Company of public improvements in the Mayfair Industrial Park, covering <br />the construction of asphalt surface course of pavement, construction of <br />sidewalks, construction of street lights, and completion of all necessary <br />repairs as required on the Punch List, prepared by Elk Grove Village on <br />August 13, 1973 and submitted to the developer on August 17, 1973. <br />Section 2. That all drafts drawn under and in compliance with the terms <br />of the Letter of Credit will be duly honored on delivery of documents as <br />specified in the Letter of Credit if negotiated on or before December 31, <br />1974. <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 27th day of <br />APPROVED this 27th day of <br />ATTEST: <br />�. <br />viiiage LierK <br />November , 1973. <br />