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R-31-03 05/12/03RESOLUTION NO. 31 -b3 RESOLUTION AUTHORIZING RELEASE OF LETTER OF CREDIT No. 198 FOR ROLLING MEADOWS 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 Rolling Meadows Subdivision, an Irrevocable Letter of Credit #198, issued by Hinsbrook Bank and Trust, in the amount of $2,219,009.45 was deposited with the Village of Lemont on September 2, 1997, to cover the required public improvements; and WHEREAS, Mr. and Mrs. John Jurinek of New Horizon Construction, representing Jurinek and Riskus, the developers, request a release of the original Letter of Credit #198; 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; WHEREAS a letter of credit in the amount of $95,870.00, or five percent of the cost of the public improvements, has been retained as a maintenance guarantee for a period of one (1) year. NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of Lemont that: SECTION 1: Site work covered under Letter of Credit #198 has been satisfactorily completed. SECTION 2: The Irrevocable Letter of Credit #198 is hereby released. NOW, THEREFORE BE IT RESOLVED by the President and Board of Trustees of the Village of Lemont that the Irrevocable Letter of Credit #198 for Rolling Meadows Subdivision is hereby released. 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 12th day of May, 2003. Debby Blatzer Peter Coules Brian Reaves Steve Rosendahl Ron Stapleton Jeanette Virgilio Attest: AYES NAYS PASSED ABSENT Approved by me this 12th day of May, 2003. JO F. P AZZA, Village Presi CHARLENE M. SMOLLEN, Village Clerk H:\RESOLUR\2003\RohMead 198.wpd