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RESOLUTION NO. 42-86 <br />A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 1054 <br />FROM ITASCA BANK & TRUST COMPANY EXPIRING MAY 5, 1987 IN THE <br />AMOUNT OF $139,978.85 TO GUARANTEE THE CONSTRUCTION OF PUBLIC <br />IMPROVEMENTS IN THE SHENANDOAH SUBDIVISION PHASE IIC <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 DuPage, <br />State of 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 & Trust <br />Company in the amount of $139,978.85 to guarantee construction of public im- <br />provements as listed on Exhibit "A" attached hereto and made a part hereof <br />which are to be constructed within the Shenandoah Subdivision Phase IIC, the <br />legal description as fully described in Exhibit "B" attached hereto and made <br />a part hereof, and in accordance with engineering drawings and specifications <br />within revisions dated April 16, 1986, prepared by Elk Grove Engineering, 860 <br />Lively Boulevard, Elk Grove Village, Illinois 60007. Said Letter of credit <br />expiring May 5, 1987. <br />Section 2. That this Resolution shall be in full force and effect from <br />and after its passage and approval according to law. <br />PASSED this <br />APPROVED this 10th <br />ATTEST <br />Patricia S. Smith <br />Village Clerk <br />day of Timo 1986. <br />day of June 1986. <br />Charles J. Zettek <br />Village President <br />