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RESOLUTION NO. 20-88 <br />A RESOLUTON RELEASING LETTER OF CREDIT NO. 191-802659 <br />ACCEPTED BY RES. NO. 55-87 (IN THE AMOUNT OF $295,849.85) <br />AND ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 191- <br />802659 FROM IRVING FEDERAL SAVINGS AND LOAN IN THE AMOUNT <br />OF $110,000.00 GUARANTEEING COMPLETION OF PUBLIC IMPROVE- <br />MENTS IN STAPE'S SUBDIVISION PHASE I (WINDEMERE) <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 an Irrevocable Letter of Credit No. 191-802659 <br />from Irving Federal Savings and Loan in the amount of $295,849.85 and <br />accept an Irrevocable Letter of Credit No. 191-802659 from Irving Federal <br />Savings and Loan in the amount of $110,000.00, expiring on May 1, 1988, <br />guaranteeing the completion of public improvements for property known as <br />Stape's Subdivision Phase I (Windemere Subdivision). <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 <br />APPROVED this <br />ATTEST: <br />Ilafern R. Snick <br />Deputy Village Clerk <br />8th day of <br />8th day of <br />March , 1988. <br />March , 1988. <br />Charles J. Zettek <br />Village President <br />