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RESOLUTION NO. 47-93 <br />A RESOLUTION RELEASING IRREVOCABLE LETTER OF CREDIT <br />NUMBER 91-09 FROM BANK OF BUFFALO GROVE EXPIRING <br />AUGUST 15, 1993 IN THE AMOUNT OF $24,000.00 PREVIOUSLY <br />ACCEPTED BY RES. NO. 39-91 TO GUARANTEE MAINTENANCE OF <br />PUBLIC IMPROVEMENTS FOR MORGANFIELD SUBDIVISION AND <br />MORGANFIELD SUBDIVISION UNIT 2 <br />NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees <br />of the Village of Elk Grove Village, Counties of Cook and DuPage, State of <br />Illinois: <br />Section 1: That the President and Board of Trustees do hereby <br />authorize the release of Irrevocable Letter of Credit No. 91-09 from <br />Buffalo Grove Bank in the amount of $24,000.00 previously accepted by <br />Resolution No. 39-91 to guarantee maintenance of public improvements in <br />accordance with the approved plans and specifications prepared by Intercom <br />Engineering Corporation dated January 30, 1989. Said Letter of Credit <br />expiring August 15, 1993. <br />Section 2: That this Resolution shall be in full force and effect <br />from and after its passage and approval according to law. <br />PASSED <br />this <br />24th <br />day <br />of <br />August <br />1993. <br />APPROVED <br />this <br />24th <br />day <br />of <br />August <br />1993. <br />Dennis J. Gallitano <br />Village President <br />ATTEST: <br />Patricia S. Smith <br />Village C erl <br />