HomeMy WebLinkAboutRESOLUTION - 84-80 - 9/9/1980 - LRT OF GUARANTEE/WINDY CITY GARDENS RESOLUTION NO. 84-80
A RESOLUTION ACCEPTING A LETTER OF GUARANTEE FROM STANDARD FEDERAL
SAVINGS OF CHICAGO, GUARANTEEING THE CONSTRUCTION OF PUBLIC IMPROVEMENTS
IN THE WINDY CITY GARDENS JBDIVISION
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 a Letter of Guarantee in the amount of $52,954.00 from Standard
Federal Savings, covering the following improvements in the Windy City Gardens
Subdivision:
Street Lights $4,000
Trees 5,000.00
Excavating 6,937.00
Paving, Curbs and Sidewalks 23 ,307,00
39,244.00
20% for possible increases 7,849.00
47,093.00
Guarantee in lieu of an Interim Maintenance Bond:
5,861 .00
52,954.00
and replacing a Letter of Credit No. 355 from the Bank of Lincolnwood which
expires on September 15, 1980 and adopted by Resolution No. 77-80.
Section 2. In the event the improvements are not completed by August 19,
1982, Standard Federal Savings, will , at the Village's demand, release said
funds for the purpose of completing the above work in the amounts specified
above.
Section 3. That this resolution shall be in full force and effect from
and after its passage and approval according to law.
PASSED this 9th day of September 1980,
,
APPROVED this 9th day of September 1980,
Charles J. Zettek
Village President
ATTEST:
Fay M. Bishop
Village Clerk