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RESOLUTION NO. T32-73 <br />A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM THE FIRST ARLINGTON <br />NATIONAL BANK GUARANTEEING THE CONSTRUCTION OF A THIRD LIFT ON THE <br />EXISTING STREETS IN THE kl\YFAIR 1.0USTRIAL PARK <br />NOW, THEREFORE, BE IT RESOLVED 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 a Letter of Credit, dated November 26, 1973, in the <br />amount of $20,000.00 from the First Arlington National Bank to guarantee <br />the construction by Mr. Gerald DeBruyne and/or DeBruyne Construction <br />Company of a one inch thick asphalt course on the existing streets in <br />the Mayfair Industrial Park. The construction of the asphalt layer will <br />be constructed at such time as seventy five (75%) percent of the frontage <br />bordering subject streets has been improved with buildings, or five years <br />from date of street construction, whichever event shall occur first. The <br />construction shall not be started until all base failures are corrected. <br />Section 2. That all drafts drawn under and in compliance with the terms <br />of this Letter of Credit will be duly honored on delivery of documents as <br />specified if negotiated on or before October 31, 1979. <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 />PASSLu this 27th day of November 1973. <br />APPROVED this 27thday of <br />AT EST: <br />Flccnor G. Turner <br />ViIloge Lierk <br />November <br />, 1973. <br />Charles J. 2ettek <br />Village President <br />