HomeMy WebLinkAboutRESOLUTION - 47-93 - 8/24/1993 - LOC RELEASE/MORGANFIELD SUBDIVISIONRESOLUTION NO. 47-93
A RESOLUTION RELEASING IRREVOCABLE LETTER OF CREDIT
NUMBER 91-09 FROM BANK OF BUFFALO GROVE EXPIRING
AUGUST 15, 1993 IN THE AMOUNT OF $24,000.00 PREVIOUSLY
ACCEPTED BY RES. NO. 39-91 TO GUARANTEE MAINTENANCE OF
PUBLIC IMPROVEMENTS FOR MORGANFIELD SUBDIVISION AND
MORGANFIELD SUBDIVISION UNIT 2
NOW, THEREFORE, BE IT RESOLVED 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 release of Irrevocable Letter of Credit No. 91-09 from
Buffalo Grove Bank in the amount of $24,000.00 previously accepted by
Resolution No. 39-91 to guarantee maintenance of public improvements in
accordance with the approved plans and specifications prepared by Intercom
Engineering Corporation dated January 30, 1989. Said Letter of Credit
expiring August 15, 1993.
Section 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED
this
24th
day
of
August
1993.
APPROVED
this
24th
day
of
August
1993.
Dennis J. Gallitano
Village President
ATTEST:
Patricia S. Smith
Village C erl