HomeMy WebLinkAboutRESOLUTION - 70-83 - 11/8/1983 - LOC ACCEPT/REGENCY SQUARE PHASE II RESOLUTION NO. 70-83
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO.
14471 (EXPIRING OCTOBER 3, 1984) FROM THE FIRST NATIONAL
BANK OF BLUE ISLAND IN THE AMOUNT OF $20,350 TO GUARANTEE
THE CONSTRUCTION AND MAINTENANCE OF PUBLIC IMPROVEMENTS IN
THE REGENCY SQUARE PHASE II NORTH DEVELOPMENT AND THE KENT
STREET EXTENSION (PREVIOUSLY ADOPTED BY RESOLUTION NO. 11-82) .
NOW, THEREFORE, BE IT RESOLVED by the President and Board of
Trustees of the Village of Elk Grove Village, Counties of Cook and
DuPage, Illinois:
Section 1 : That the President and Board of Trustees do hereby
authorize the acceptance of an irrevocable Letter of Credit from the
First National Bank of Blue Island, No. 14471 in the amount of
$20,350.00, expiring October 3, 1984, to guarantee the completion
of construction and maintenance of public improvements in the
Regency Square Phase 11 North Development and the Kent Street Exten-
sion, copies of which are attached hereto and made a part hereof as
if fully set forth.
Section 2. That this resolution shall be in full force and
effect from and after its passage and approval according to law.
PASSED this 8th day of November , 1983•
APPROVED this 8th day of November , 1983.
Charles J. Zettek
Village President
ATTEST:
Ilafern Snick
Acting Village Clerk