R-08-03 02/10/03+►
RESOLUTION NO. R 03
RESOLUTION AUTHORIZING RELEASE OF LETTER OF CREDIT
FOR EAGLECREST ESTATES III 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 Eaglecrest III Estates Subdivision, an Irrevocable Letter of
Credit #X -1065 (formerly 20- 97 -07- 43459), issued by Manufacturer's Bank, in the amount of
$44,926.00 was deposited with the Village of Lemont on July 25, 1997, to cover the required
public improvements; and
WHEREAS, the developer, Mr. Emil Marske, Marske Construction, requests a release of
the original Letter of Credit #X -1065; 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 5% bond in the amount of $2,246.00 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 #X -1065 has been satisfactorily
completed.
SECTION 2: The Irrevocable Letter of Credit #X -1065 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 #X -1065 for Eaglecrest Estates III
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 10th day of February, 2003.
John Benik
Debby Blatzer
Peter Coules
Connie Markiewicz
Steve Rosendahl
Jeanette Virgilio
AYES NAYS PASSED ABSENT
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Approved by me this 10t day of February, 2003.
JO i' IAZZA, Vi age ' lent
Attest:
0% /i/t s,
C ' RLENE M. SMOLLEN, Village Clerk
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