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RESOLUTION NO. 41-86 <br />A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 1053 <br />FROM ITASCA BANK & TRUST COMPANY IN THE AMOUNT OF $70,149.00 <br />EXPIRING MAY 5, 1987 TO GUARANTEE CONSTRUCTION OF PUBLIC IMPROVE- <br />MENTS IN THE SHENANDOAH SUBDIVISION PHASE IIB AND RELEASING LETTER <br />OF CREDIT NO. 1046 ACCEPTED BY RESOLUTION NO. 55-85 <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 authorize <br />the acceptance of an Irrevocable Letter of Credit from the Itasca Bank and <br />Trust Company in the amount of $70,149.00 to guarantee construction of <br />public improvements as listed on Exhibit "A" attached hereto and made a <br />part hereof which are to be constructed within the Shenandoah Subdivision <br />Phase IIB, the legal description as fully described in Exhibit "B" attached <br />hereto and made a part hereof, in accordance with engineering drawings and <br />specifications with revisions dated November 5, 1984, prepared by Elk Grove <br />Engineering, 860 Lively Blvd., Elk Grove Village, Illinois 60007. Said <br />Letter of Credit expiring May 5, 1987. <br />Section 2. That the President and Board of Trustees do hereby authorize <br />the release of Letter of Credit No. 1046 in the amount of $197,970.62 adopted <br />by Resolution No. 55-85. <br />Section 3. That this Resolution shall be in full force and effect from <br />and after its passage and approval according to law. <br />PASSED this 10th day of June 1986. <br />, <br />APPROVED this 10th day of June 1986. <br />, <br />Charles J. Zettek <br />Village President <br />ATTEST: <br />Patricia S. Smith <br />Village Clerk <br />