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RESOLUTION NO. 31-86 <br />A RESOLUTION ACCEPTING AN IRREVOCABLE STANDBY LETTER OF <br />CREDIT FROM THE BANK OF ELK GROVE, NO. 32375, IN THE AMOUNT <br />OF $5,000.00 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS <br />FOR BONDIOLI SUBDIVISION EXPIRING DECEMBER 31, 1986 <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 Standby Letter of Credit <br />from the Bank of Elk Grove in the amount of $5,000.00 to guarantee <br />completion of public improvements in accordance with the Approved plans <br />and specifications with revisions, prepared by Donald Ciaglia, Chia Co. <br />approved on February 24, 1981 by Tom Cech and agreements including any <br />amendments thereof for Bondioli Subdivision. Said Letter of Credit No. <br />3237S expires December 31, 1986 and legally described on Exhibit "A". <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 22nd <br />APPROVED this 22nd <br />ATTEST: <br />Patricia S. Smith <br />Village Clerk <br />day of April , 1986. <br />day of April , 1986. <br />Charles J. Zettek <br />Village President <br />