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RESOLUTION NO. 64-88 <br /> A RESOLUTION RELEASING AN IRREVOCABLE LETTER OF CREDIT NO. LC- <br /> EGV-1986-1 ADOPTED BY RESOLUTION NO. 32-86 (IN THE AMOUNT OF <br /> $83,100.00) AND AMENDED BY RESOLUTION NO. 64-87; AND ACCEPTING <br /> A DEED OF CONVEYANCE/BILL OF SALE FROM BETTER LIVING SUBDIVI- <br /> SION (SYLVAN COURT) ; AND LETTER OF CREDIT NO. BLC-1988-3 FROM <br /> ARLINGTON FEDERAL SAVINGS AND LOAN ASSOCIATION IN THE AMOUNT OF <br /> $7,555.00 EXPIRING SEPTEMBER 2, 1990 GUARANTEEING MAINTENANCE <br /> OF PUBLIC IMPROVEMENTS FOR BETTER LIVING SUBDIVISION <br /> WHEREAS, the Developer (Better Living Company, Inc. ) has requested the <br /> release of an Irrevocable Letter of Credit No. LC-EGV-1986-1 from Arlington <br /> Federal Savings and Loan in the amount of $83,100.00; and <br /> WHEREAS, the Developer has submitted a Deed of Conveyance/Bill of sale <br /> and Irrevocable Letter of Credit No. BLC-1988-3 in the amount of $7,555.00, <br /> expiring September 2, 1990, to the Village of Elk Grove Village as required by <br /> the Subdivision Control Ordinance and fully complied with all provisions of any <br /> and all Ordinances pertaining; and <br /> WHEREAS, the Developer has satisfactorily submitted all necessary items <br /> as required by the Village and has submitted As-Built Engineering Plans. <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, Illinois: <br /> SECTION 1: That the President and Board of Trustees do hereby <br /> authorize the release of an Irrevocable Letter of Credit No. LC-EGV-1986-1, <br /> which expired July 1, 1987, from Arlington Federal Savings and Loan Association <br /> adopted by Resolution No. 32-86 and amended by Resolution No. 64-87 in the <br /> amount of $83,000.00. <br /> SECTION 2: That the Village of Elk Grove Village does hereby accept a <br /> Deed of Conveyance/Bill of Sale and Irrevocable Letter of Credit No. BLC-1988-3 <br /> from Arlington Federal Savings and Loan Association, Arlington Heights, <br /> Illinois in the amount of $7,555.00, expiring September 2, 1990, guaranteeing <br /> the maintenance of public improvements as described on the "As-Built" <br /> Engineering Plans prepared by Norman J. Toberman Associates, and dated April <br /> 14, 1986 for Better Living Subdivision. <br /> SECTION 3: That this Resolution shall be in full force and effect <br /> from and after its passage and approval according to law. <br /> PASSED this 11th 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 />