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RESOLUTION NO. 5-84 -- <br /> A RESOLUTION ACCEPTING AN IRREVOCABLE STRAIGHT LETTER OF CREDIT <br /> NO. FNBC 1412-00304735 FROM THE FIRST NATIONAL BANK OF CHICAGO <br /> IN THE AMOUNT OF $77,305.47 TO GUARANTEE THE COMPLETION OF PUBLIC <br /> IMPROVEMENTS IN THE SDK REGENT BUSINESS CENTER PHASE 1 (PROJECT <br /> 7054) AND RELEASING LETTER OF CREDIT RESOLUTION NOS. 106-80, <br /> 58-81 , 48-82 <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 <br /> Illinois: <br /> SECTION 1 . That the President and Board of Trustees do hereby autho- <br /> rize the acceptance of an Irrevocable Straight Letter of Credit No. FNBC <br /> 1412-00304735 from the First National Bank of Chicago in the amount of <br /> $77,305.47 to guarantee the completion of public improvements in the (SDK) <br /> Regent Business Center (Phase 1 Project 7054) described in the enginnering <br /> plans and specifications with revisions dated December 12, 1979, prepared <br /> by Elk Grove Engineering Company, 860 Lively Blvd. , Elk Grove Village, <br /> Illinois , as approved by Village Engineer, and agreements ( including any <br /> amendments thereof) on the property legally described in Exhibit A, attached <br /> hereto and made part thereof. This Irrevocable Straight Letter of Credit <br /> No. FNBC 1412-00304735 expires March 31 , 1987• <br /> SECTION 2: That the President and Board of Trustees do hereby autho- <br /> rize the release of Letter of Credit #FNBC 1412-0300362 in the amount of <br /> $510,078.22 adopted by Resolution No. 106-80; amended Letter of Credit #FNBC <br /> 14.1.2-0300362 in the amount of- $93,716-34 adopted by Resolution No. 58-81 ; <br /> and amended Letter of Credit #FNBC 1412-00300362 in the amount of $77,305. 47 <br /> adopted by Resolution No. 48-82. <br /> SECTION 3: That this Resolution shall be in full force and effect <br /> from and after its passage and approval according to law. <br /> PASSED this 23th day of February , 1984. <br /> APPROVED this 28th day of February , 1984. <br /> Charles J. Zettek <br /> Village President <br /> ATTEST: <br /> Patricia S. Smith <br /> Village Clerk <br />