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RESOLUTION NO. 69-93 <br /> A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. <br /> SB1194 FROM BANQUE NATIONALE de PARIS, CHICAGO BRANCH, IN THE <br /> AMOUNT OF $50,000.00 EXPIRING JUNE 8, 1994 TO SECURE OBLIGATIONS <br /> OF THE FRANCHISE AGREEMENT OF CHICAGO FIBER OPTIC CORPORATION, <br /> d/b/a METROPOLITAN FIBER SYSTEMS OF CHICAGO, INC. ("MFS") <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 acceptance of Irrevocable Letter of Credit No. SB1194 from <br /> Banque Nationale de Paris , Chicago Branch, in the amount of $50,000.00 to <br /> secure the obligations of MFS to the Village of Elk Grove Village pursuant <br /> to the terms and provisions of that certain Franchise Agreement (accepted <br /> by Ordinance No. 2303) dated June 8, 1993 with Chicago Fiber Optic <br /> Corporation, d/b/a Metropolitan Fiber Systems of Chicago, Inc. ("MFS") . <br /> Said Letter of credit expiring June 8, 1994. <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 this 9th day of November 1993. <br /> APPROVED this 9th day of November 1993. <br /> Dennis J. Gallitano <br /> Village President <br /> ATTEST: <br /> Patricia S. Smith <br /> Village Clerk <br />