R-40-02 06/10/02RESOLUTION NO. �� - �y - d P-
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR EMILY COURT SUBDIVISION
WHEREAS, pursuant to the Subdivision Regulations, an owner or developer of a
subdivision is required to deposit certain security or evidence thereof with the Village of Lemont
to guarantee the installation of such improvements; and
WHEREAS, in the matter of Emily Court Subdivision, located north of 135' Street, an
Irrevocable Letter of Credit #1103, Evergreen Community Bank, in the amount of $291,654.38
was deposited with the Village of Lemont on June 26, 2000; and
WHEREAS, Hartz Construction Co., Inc. has made application for a reduction of the
Irrevocable Letter of Credit #1103 in the amount of $248,529.38; and
WHEREAS, a duly authorized agent of the Village of Lemont has inspected certain
portions of the improvement and has found these portions to have been satisfactorily installed;
NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of
the Village of Lemont that the Irrevocable Letter of Credit #1103 for Emily Court Subdivision is
hereby reduced to $43,125.00.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DU PAGE,
ILLINOIS, on this 10th day of June, 2002.
AYES NAYS PASSED ABSENT
John Benik
Debby Blatzer
Peter Cowles
Connie Markiewicz
Steven Rosendahl
Jeanette Virgilio
ATTEST:
v
v
U
APPROVED by me this PO-14" day of -- , 2002.
// P
PIAZZA, Villa
CHARLENE M. SMOLLEN, Village Clerk
Z:\ RESOLUTIEYNNS \EmilyCourt.LOC.wpd