HomeMy WebLinkAboutRESOLUTION - 11-78 - 2/28/1978 - LOC/BISNER RD N. SIDE OF WINSTON DRRESOLUTION NO. 11-78
A RESOLUTION ACCEPTING EXTENSIONS TO TWO (2) LETTERS OF CREDIT FROM
THE FIRST NATIONAL BANK OF CHICAGO (Letters of Credit Number G.T.
4089D AND G.T. 4108D) GUARANTEEING THE CONSTRUCTION OF BISNER ROAD
BETWEEN BIESTERFIELD ROAD AND THE NORTH SIDE OF WINSTON DRIVE
NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees
of the Village of Elk Grove Village, Counties of Cook and DuPage, State of
Illinois:
Section 1. That the President and Board of Trustees do hereby authorize
the acceptance of:
A. An extension to a Letter of Credit, dated February 15, 1978 and expiring
February 9, 1979, from the First National Bank of Chicago to guarantee
the construction of Bisner Road from Gloucester Drive to the north side
of Winston Drive. Letter of Credit No. G.T. 4089D, in the amount of
$62,000.00.
B. An extension to a Letter of Credit, dated February 15, 1978 and expiring
March 1, 1979, from the First National Bank of Chicago to guarantee the
construction of Bisner Road from Biesterfield Road to Gloucester Drive.
Letter of Credit No. G.T. 4108D, In the amount of $54,000.00.
Section 2. That the terms of these Letters of Credit will be duly honored
as specified on or before their expiration dates.
Section 3. That Centex Homes, Inc., shall furnish a Deed of Conveyance and
two year Maintenance Bond upon the completion of construction of Bisner Road.
Section 4. That this resolution shall be in full force and effect from and
after its passage and approval according to law.
ATTEST:
PASSED this 28th day of February , 1978.
APPROVED this 28th day of February , 1978.
Eleanor G. Turner
Village Clerk
Ronald L. Chernick
Village President Pro Tem