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RESOLUTION NO. 17-86 <br />A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT FROM <br />U.S. SHELTER, INC., IN THE AMOUNT OF $132,573.10 TO GUARANTEE <br />MAINTENANCE OF COMPLETED PUBLIC IMPROVEMENTS FOR PARKVIEW <br />HEIGHTS SUBDIVISION EXPIRING OCTOBER 24, 1987 <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 <br />authorize the acceptance of an Irrevocable Letter of Credit from <br />U. S. Shelter, Inc. in the amount of $132,573.10 to guarantee maintenance <br />of completed public improvements for Parkview Heights Subdivision as <br />follows: Watermain and Appurtenances, Sanitary Sewer and Appurtenances, <br />Storm Sewer and Appurtenances, Roadway (Curb & Gutter, Pavement), Side- <br />walk, Street Lights, Parkway (Trees, etc.), Traffic Control (Signals, <br />Signs, Markings), Ponds (Detention/Retention), Excavation (Soil Erosion <br />Control, Stockpile) and Other as described in the "as -built" Engineering <br />plans dated September 21, 1978 prepared by Elk Grove Engineering Company, <br />860 Lively Boulevard, Elk Grove Village, Illinois. Said letter of <br />credit expiring October 24, 1987. <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 25th <br />APPROVED this 25th <br />day <br />of <br />February <br />1986. <br />day <br />of <br />February <br />1986. <br />Charles J. Zettek <br />Village President <br />ATTEST: <br />Patricia S. Smith by Ilafern R. Snick <br />Village Clerk Deputy Clerk <br />