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RESOLUTION NO. 37-88 <br />A RESOLUTION ACCEPTING AN IRREVOCABLE STANDBY LETTER OF CREDIT <br />NO. 46665 FROM NBD ELK GROVE BANK EXPIRING MARCH 14, 1989 IN <br />THE AMOUNT OF $4,114.00 TO GUARANTEE THE CONSTRUCTION OF PUBLIC <br />IMPROVEMENTS AT 555 W. BIESTERFIELD ROAD (Charles Bova.iian) <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 <br />of Illinois: <br />Section 1. That the President and Board of Trustees do hereby <br />authorize the acceptance of Irrevocable Standby Letter of Credit No. 4666S <br />from NBD Elk Grove Bank in the amount of $4,114.00 to guarantee completion <br />of public improvements for Charles Boyajian, 555 W. Biesterfield Road in <br />accordance with the approved plans and specifications prepared by Elk Grove <br />Engineering Company dated October 16, 1987. Said Letter of Credit expiring <br />March 14, 1989. <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 />May <br />, 1988. <br />APPROVED <br />this <br />24th <br />day <br />of <br />May <br />, 1988. <br />Michael A. Tosto <br />Village President pro tem <br />ATTEST: <br />Patricia S. Smith <br />Village C er <br />