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RESOLUTION NO. 99-86 <br /> A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 66 <br /> FROM THE AVENUE BANK OF ELK GROVE IN THE AMOUNT OF $60,000 <br /> EXPIRING JULY 1, 1987 TO GUARANTEE THE COMPLETION OF PUBLIC IM- <br /> PROVEMENTS IN THE CIRCLE BAY SUBDIVISION AND RELEASING LETTER <br /> OF CREDIT NO. 66 IN THE AMOUNT OF $84,000.00 ACCEPTED BY <br /> RESOLUTION NO. 64-86 <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 Letter of Credit No. 66 from the <br /> Avenue Bank of Elk Grove in the amount of $60,000.00 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 July 13, 1984, prepared by <br /> Applied Engineering, 1885 Hicks Road, Rolling Meadows, Illinois 60008, approved <br /> on May 24, 1985. Said Letter of Credit expiring July 1, 1987. <br /> Section 2: That the President and Board of Trustees do hereby authorize <br /> the release of Letter of Credit No. 66 in the amount of $84,000.00 adopted <br /> by Resolution No. 64-86. <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 11th day of November 1986. <br /> , <br /> APPROVED. this 11th day of November 1986. <br /> Charles J. Zettek <br /> Village President , <br /> Patricia S. Smith <br /> Village Clerk <br />