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RESOLUTION No. 64-86 <br /> A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 66 <br /> FROM AVENUE BANK OF ELK GROVE IN THE AMOUNT OF $84,000.00 EX- <br /> PIRING JULY 1, 1987 TO GUARANTEE COMPLETION OF PUBLIC IMPROVE- <br /> MENTS IN THE CIRCLE BAY SUBDIVISION (ORGINALLY ACCEPTED BY RES. <br /> 57-85) <br /> NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of <br /> the Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois: <br /> Section 1: That the President and Board of Trustees do hereby authorize <br /> the acceptance of an Irrevocable Straight Leter of Credit No. 66 from the <br /> Avenue Bank of Elk Grove in the amount of $84,000.00 to guarantee completion <br /> of public improvements in the Circle Bay Subdivision as fully described in <br /> Exhibit "A" attached hereto and made a part hereof in accordance with approved <br /> plans and specifications with revisions dated May 24, 1985, prepared by Applied <br /> Engineering, 1885 Hicks Rd. , Rolling Meadows, Illinois 60008. Said Letter of <br /> Credit expiring July 1 , 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 12th day of August 1986. <br /> APPROVED this — 12th day of August 1986. <br /> Charles J. Zettek <br /> Village President <br /> ATTEST: <br /> Patricia S. Smith <br /> Village Clerk <br />