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RESOLUTION NO. 50-75 <br />A RESOLUTION ACCEPTING A LETTER OF CREDIT IN THE AMOUNT OF $30,000.00 <br />FROM NORTHERN TRUST COMPANY, GUARANTEEING THE CONSTRUCTION OF A THIRD <br />LIFT ON STREETS IN ROGERS INDUSTRIAL PARK <br />NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees <br />of 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 authorize <br />the acceptance of a Letter of Credit, dated May 7, 1975, in <br />the amount of $30,000.00 from the Northern Trust Company, to <br />guarantee the construction by Arthur J. Rogers Enterprises of <br />a one inch thick asphalt course on the existing streets in <br />the Rogers Industrial Park. The construction of the asphalt <br />layer will be constructed at such time as seventy-five (75%) <br />percent of the frontage bordering subject streets has been <br />improved with buildings, or five years from date of street <br />construction, whichever event shall occur first. The con- <br />struction shall not be started until all base failures are <br />corrected. <br />Section 2: That all drafts drawn under and in compliance with the terms <br />of this Letter of Credit will be duly honored on delivery of <br />documents as specified if negotiated on or before December <br />31, 1975. <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 24th day of June , 1975. <br />APPROVED this 24th day of <br />age <br />ATTEST: <br />Village GTrk <br />1975. <br />