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RESOLUTION NO. 63-88 <br /> A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT <br /> NO. 16467 FROM LOMAS & NETTLETON FINANCIAL CORPORATION <br /> EXPIRING SEPTEMBER 15, 1989 IN THE AMOUNT OF $373,874.00 <br /> TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS AT <br /> FORTUNE BUSINESS CAMPUS (HOWARD STREET & BUSSE ROAD) <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 authorize <br /> the acceptance of Irrevocable Letter of Credit No. 16467 from Lomas & Nettleton <br /> Financial Corporation in the amount of $373,874.00 to guarantee completion of <br /> public improvements for the Fortune Business Campus in accordance with approved <br /> plans and specifications prepared by Northwest Engineering Associates, Ltd. , <br /> approved on August 2, 1988. Said Letter of Credit expiring September 15, 1989. <br /> Section 2. That this Resolution shall be in full force and effect from <br /> and after its passage and approval according to law. <br /> PASSED this i1th —day of October 1988. <br /> APPROVED this 11th day of October 1988. <br /> Charles J. Zettek <br /> Village President <br /> ATTEST: <br /> Patricia S. Smith <br /> Village Clerk <br />