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RESOLUTION NO. 37-75 <br />A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM THE AMALGAMATED TRUST AND <br />SAVINGS BANK GUARANTEEING THE CONSTRUCTION OF A THIRD LIFT ON BONNIE LANE <br />AND HOWARD STREET IN THE TRITON INDUSTRIAL PARK <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 the <br />acceptance of a Letter of Credit, dated April 18, 1975, in the amount of <br />$21,000.00 from the Amalgamated Trust and Savings Bank to guarantee the <br />construction by G b G Enterprises of a one inch thick asphalt course on <br />Bonnie Lane and Howard Street in the Triton Industrial Park. The construction <br />of the asphalt layer will be constructed at such time as seventy five (75%) <br />percent of the frontage bordering subject streets has been improved with <br />buildings, or five years from date of street construction, whichever event <br />shall occur first. The construction shall not be started until all base <br />failures are corrected. <br />Section 2. That all drafts drawn under and in compliance with the terms of <br />this Letter of Credit will be duly honored on delivery of documents as <br />specified if negotiated on or before April 20, 1976. <br />Section 3. That this resolution shall be in full force and effect from and <br />after its passage and approval according to law. <br />PASSED this 6th <br />APPROVED this 6th <br />ATTEST: <br />Village G rk <br />day of May , 1975. <br />day of <br />