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RESOLUTION NO. 73-88 <br /> A RESOLUTION RELEASING LETTER OF CREDIT NO. 199-802709 <br /> (ACCEPTED BY RES. NO. 71-87) IN THE AMOUNT OF $229,201.50 <br /> AND ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 199- <br /> 802709 FROM IRVING FEDERAL SAVINGS EXPIRING NOVEMBER 12, <br /> 1989 IN THE AMOUNT OF $33,635.50 TO GUARANTEE COMPLETION <br /> OF PUBLIC IMPROVEMENTS IN MORGANFIELD SUBDIVISION <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 Du Page, State of <br /> Illinois: <br /> Section 1: That the President and Board of Trustees do hereby <br /> authorize the release of an Irrevocable Letter of Credit No. 199-802709 <br /> from Irving Federal Savings and Loan Association in the amount of <br /> $229,201.50 and acceptance of Irrevocable Letter of Credit No. 199-802709 <br /> from Irving Federal Savings and Loan Association in the amount of <br /> $33,635.50, expiring on November 12, 1989, guaranteeing the completion of <br /> public improvements for Morganfield Subdivision in accordance with the <br /> approved plans and specifications dated February 24, 1987, with revisions <br /> dated June 10, 1987, prepared by A.R. Schmidt & Associates, approved on <br /> July 14, 1987 on property described in Exhibit "A" attached hereto and made <br /> a part hereof. <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 this 13th day of December , 1988. <br /> APPROVED this 13th day Of December , 1988. <br /> Charles J. Zettek <br /> Village President <br /> ATTEST: <br /> Patricia S. Smith <br /> Village Clerk <br />