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RESOLUTION NO. 39-86 <br />A RESOLUTION ACCEPTING AN IRREVOCABLE STRAIGHT LETTER OF <br />CREDIT NO. SLC -5747, IN THE AMOUNT OF $7,000.00 FROM FIRST <br />WISCONSIN NATIONAL BANK OF MADISON TO GUARANTEE COMPLETION <br />OF PUBLIC IMPROVEMENTS FOR EXEL INN EXPIRING JULY 28, 1987 <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 President and Board of Trustees do hereby <br />authorize the acceptance of an Irrevocable Straight Letter of Credit <br />No. SLC -5747 from the First Wisconsin National Bank of Madison in the <br />amount of $7,000.00 to guarantee completion of Public Improvements in <br />accordance with the approved plans and specifications with revisions <br />dated April 23, 1986 prepared by Marchris Engineering, approved by the <br />Village Engineer and agreements including any amendments thereof for <br />Exel Inn Elk Grove and legally described on Exhibit "A". Said Letter of <br />Credit expires July 28, 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 <br />this <br />27th <br />day <br />of <br />May <br />1986. <br />APPROVED <br />this <br />27th <br />day <br />of <br />May <br />1986. <br />Charles J. Zettek <br />Village President <br />ATTEST: <br />Patricia S. Smith <br />Village Clerk <br />