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RESOLUTION NO. 75-75 <br /> A RESOLUTION ACCEPTING A LETTER OF CREDIT FROM THE CONTINENTAL ILLINOIS NATIONAL <br /> BANK AND TRUST COMPANY OF CHICAGO (LETTER OF CREDIT NUMBER 1264040) GUARANTEEING <br /> THE CONSTRUCTION OF A THIRD LIFT ON HOWARD STREET, BRUMMEL AVENUE, AND CROSSEN <br /> AVENUE IN THE HIGGINS INDUSTRIAL PARK. <br /> NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the <br /> 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 October 28, 1974, in the amount of <br /> $56,000.00 from the Continental Illinois National Bank and Trust Company of Chicago <br /> to guarantee the construction by Centex Homes Corporation of a one inch thick <br /> asphalt course on Howard Street, Brummel Avenue and Crossen Avenue in the Higgins <br /> Industrial Park. The construction of the asphalt layer will be constructed at <br /> such time as seventy-five (75%) percent of the frontage bordering subject streets <br /> has been improved with buildings, or five years from date of street construction, <br /> whichever event shall occur first. The construction shall not be started until <br /> all base failures are corrected. <br /> Section 2. That all drafts drawn under and in compliance with the terms of this <br /> Letter of Credit will be duly honored on delivery of documents as specified if <br /> negotiated on or before October 1 , 1978. <br /> Section 3. That this resolution shall be in full force and effect from and after <br /> its passage and approval according to law. <br /> PASSED this 28th day of October 1975, <br /> APPROVED this 28th day of /^October 1$ <br /> 1�� / <br /> villag res id nt <br /> ATTEST: <br /> Village 1 rk <br />