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RESOLUTION NO. 26-86 <br />A RESOLUTION ACCEPTING A LETTER OF CREDIT AGREEMENT IN <br />THE AMOUNT OF $295,849.85 FROM THE DEVELOPER (TERRESTRIS <br />DEVELOPMENT CORPORATION) FOR PROPERTY COMMONLY KNOWN AS <br />STAPE'S SUBDIVISION PHASE I <br />NOW, THEREFORE, BE IT RESOLVED by the President and Board of <br />Trustees of the Village of Elk Grove Village, Counties of Cook and <br />DuPage, State of Illinois: <br />Section 1: That the Village President and Board of Trustees <br />hereby authorize the adoption of the attached documents marked: <br />''LETTER OF CREDIT AGREEMENT'' <br />a copy of which is attached hereto and made a part hereof as if <br />fully set forth. <br />Section 2: That this Resolution shall be in full force and <br />effect from and after its passage and approval according to law. <br />PASSED this 25th day of <br />March <br />, 1986• <br />APPROVED this 25th day of March , 1986. <br />Charles J. Zettek <br />Village President <br />ATTEST: <br />Patricia S. Smith <br />Village Clerk <br />