HomeMy WebLinkAboutRESOLUTION - 71-83 - 11/8/1983 - LOC ACCEPT/REGENCY SQUARE PHASE II RESOLUTION NO. 71-83
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT
NO. 14472 (EXPIRING DECEMBER 2, 1983) FROM THE FIRST NATIONAL
BANK OF BLUE ISLAND IN THE AMOUNT OF $15,000 TO GUARANTEE THE
CONSTRUCTION AND MAINTENANCE OF PUBLIC IMPROVEMENTS IN THE
REGENCY SQUARE PHASE 11 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. 14472 in the amount of $15,000.00,
expiring December 2, 1983, to guarantee the completion of construction
and maintenance of public improvements in the Regency Square Phase II
North Development and the Kent Street Extension, 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 Novas 1983•
APPROVED this 8th day of November 1983•
Charles J. Zettek
Village President
ATTEST:
Ilafern Snick
Acting Village Clerk