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RESOLUTION NO. 54-88 <br /> A RESOLUTION RELEASING A SUBDIVISION BOND NO. 522-23-77 FROM THE <br /> FIREMAN'S FUND INSURANCE COMPANY IN THE AMOUNT OF $98,500.00 <br /> ACCEPTED BY RESOLUTION NO. 36-83 (WHICH REPLACED SUBDIVISION BOND <br /> NO. USHC-59 FROM AMERICAN INTERNATIONAL COMPANIES ACCEPTED BY <br /> RESOLUTION NO. 100-80) AND ACCEPTING AN IRREVOCABLE LETTER OF <br /> CREDIT NO. 60003893 IN THE AMOUNT OF $98,500.00 FROM THE AMERICAN <br /> NATIONAL BANK TO GUARANTEE THE COMPLETION AND INTERIM MAINTENANCE <br /> OF PUBLIC IMPROVEMENTS FOR THE PARK CHARDONNAY CONDOMINIUMS <br /> NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of <br /> the Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois: <br /> Section 1. That the President and Board of Trustees do hereby authorize <br /> the release of Subdivision Bond No. 522-23-77 from the Fireman's Fund Insur- <br /> ance previously,accepted by Resolution No. 36-83 guaranteeing all public <br /> improvements in Park Orleans Development. <br /> Section 2. That the President and Board of Trustees do hereby authorize <br /> acceptance of an Irrevocable Letter of Credit No. 60003893 from the American <br /> National Bank in the amount of $98,500.00 guaranteeing the completion and <br /> interim maintenance of public improvements for the Park Chardonnay Condominiums <br /> on or before December 31, 1989. Said Letter of Credit will expire on November <br /> 10, 1990. <br /> Section 3. That this Resolution shall be in full force and effect from <br /> and after its passage and approval according to law. <br /> PASSED this 9th day of August 1988, <br /> APPROVED this 9th day of August 1988, <br /> Charles J. Zettek <br /> Village President <br /> ATTEST: <br /> Patricia S. Smith <br /> Village Clerk <br />