HomeMy WebLinkAboutRESOLUTION - 21-83 - 3/22/1983 - LOC/GULLO INTERN'L OFFICE & INDUST. CTRRESOLUTION NO. 21-83
A RESOLUTION ACCEPTING AND PLACING ON FILE THREE (3) IRREVOCABLE
STANDBY LETTERS OF CREDIT (REPLACING THE PERFORMANCE BOND FROM
PEERLESS INSURANCE CO. ADOPTED BY RESOLUTION NO. 1-80) FROM THE
BANK OF ELK GROVE NO. 1650, $3,530.5.0; NO. 1651, $25,230; AND
NO. 1652, $16,500; GUARANTEEING THE CONSTRUCTION OF PUBLIC IM-
PROVEMENTS IN THE GULLO INTERNATIONAL OFFICE AND INDUSTRIAL
CENTER SUBDIVISION NORTH OF OAKTON STREET
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 acceptance and placing on file three (3) Letters of Credit totaling
$51,260.50 from the Bank of Elk Grove, guaranteeing the construction of
public improvements: sidewalk work, streets, curbs, water mains, sanitary
sewers, storm sewers, and street lights in the development known as Gullo
International Office and Industrial Center in accordance with the plans and
specifications prepared by the Chia Company, 5732 Gardner Court, Hanover
Park, Illinois and approved on October 11, 1979. Letters of Credit No.
1650 expires May 18, 1984, No. 1651 and No. 1652 expire May 15, 1985.
SECTION 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED
this
22nd
_ day
of
March ,
1983.
APPROVED
this
22nd
day
of
March ,
1983.
i
Village President
ATTEST:
Village Clerk