HomeMy WebLinkAboutRESOLUTION - 41-76 - 6/8/1976 - LOC/GUARANTEE CONSTRUCTION/BISNER RDRESOLUTION NO. 41-76
A RESOLUTION ACCEPTING 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 Trustee do hereby authorize
the acceptance of:
A. A Letter of Credit, dated April 5, 1976, in the amount of $62,000.00
expiring February 9, 1977, 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.
B. A Letter of Credit, dated March 1, 1976, in the amount of $54,000.00
expiring March 1, 1977, 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. 41081).
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..
PASSED this 8th
APPROVED this 8th
ATTEST:
r
Eleanor G. Turner
Village Clerk
day of June , 1976.
day of June , 1976.
Charles J. Zettek
Village President