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RESOLUTION NO. 48-93 <br />A RESOLUTION RELEASING IRREVOCABLE LETTER OF CREDIT <br />NUMBER 10268 FROM NBD PARK RIDGE BANK EXPIRING MAY 1, <br />1992 IN THE AMOUNT OF $18,064.00 PREVIOUSLY ACCEPTED <br />BY RES. NO. 23-90 TO GUARANTEE MAINTENANCE OF PUBLIC <br />IMPROVEMENTS FOR TOUHY/HIGGINS SUBDIVISION AND OFF-SITE <br />WATERMAIN EXTENSION <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 Du Page, 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. 10268 from NBD <br />Park Ridge Bank in the amount of $18,064.00 previously accepted by <br />Resolution No. 23-90 to guarantee maintenance of public improvements in <br />accordance with the approved plans and specifications with revisions dated <br />September 10, 1986 and April 21, 1987, prepared by Cowey Gudmundsen, leder, <br />Ltd. Said Letter of Credit expiring May 1, 1992. <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 Clerk <br />