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RESOLUTION NO. 67-88 <br /> A RESOLUTION RELEASING AN IRREVOCABLE LETTER OF CREDIT NO. 191- <br /> 802659 ACCEPTED BY RES. NO. 20-88 (IN THE AMOUNT OF $110,000.00) <br /> AND ACCEPTING A DEED OF CONVEYANCE/BILL OF SALE FROM TERRESTRIS <br /> DEVELOPMENT COMPANY (STAPES SUBDIVISION PHASE I WINDEMERE) ; AND <br /> IRREVOCABLE LETTER OF CREDIT NO. 60004314 FROM AMERICAN NATIONAL <br /> BANK IN THE AMOUNT OF $26,895.00 EXPIRING OCTOBER 1, 1990 GUARAN- <br /> TEEING THE MAINTENANCE OF PUBLIC IMPROVEMENTS FOR STAPES SUB- <br /> DIVISION PHASE I (WINDEMERE) <br /> WHEREAS, the Developer (Terrestris Development Company) has requested <br /> the release of an Irrevocable Letter of Credit No. 191-802659 from Irving <br /> Federal Savings and Loan in the amount of $110,000.00; and <br /> WHEREAS, the Developer has submitted a Deed of Conveyance/Bill of Sale <br /> and an Irrevocable Letter of Credit No. 60004314 in the amount of $26,895.00, <br /> expiring October 1, 1990, to the Village of Elk Grove Village as required by <br /> the Subdivision Control Ordinance and fully completed with all provisions of <br /> any 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. 191-802659, which <br /> expired May 1, 1988, from Irving Federal Savings and Loan adopted by <br /> Resolution No. 20-88 in the amount of $110,000.00. <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. 60004314 <br /> from American National Bank, Chicago, Illinois in the amount of $26,895.00 <br /> expiring October 1, 1990, guaranteeing the maintenance of public improvements <br /> as described on the "As-Built" Engineering Plans with revisions dated July 2, <br /> 1985, prepared by Henderson and Bodwell for Stapes Subdivison Phase I <br /> (Windemere Subdivision). <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 25th day of October 1988. <br /> APPROVED this 25th day of October 1988. <br /> Charles J. Zettek <br /> Village President <br /> ATTEST: <br /> Patricia S. Smith <br /> Village Clerk <br />