R-96-98 Authorization letter of credit reduction for Abbey oaks subdivisionRESOLUTION NO. 6-9?
RESOLUTION AUTHORIZING LETTER OF CREDIT REDUCTION
FOR ABBEY OAKS 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 Abbey Oaks Subdivision, located north of 127th Street and west
of Archer Avenue in Lemont, Illinois, an Irrevocable Letter of Credit #93 -363, State Bank of
Countryside, in the amount of $1,008,750.00 was deposited with the Village of Lemont on May 14,
1993 and an Irrevocable Letter of Credit #98 -596, State Bank of Countryside, in the amount of
$395,189.48 was deposited with the Village of Lemont on July 3, 1998; and
WHEREAS Abbey Oaks Subdivision has made application for a reduction of the Irrevocable
Letter of Credit #98 -596 in the amount of $157,500.00; 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:
SECTION 1: Approval pursuant to the Lemont Subdivision Control Ordinance is hereby
recommended for the improvements completed to date.
SECTION 2: The Irrevocable Letter of Credit #98 -596 is hereby reduced to $318,500.00.
NOW, THEREFORE BE IT RESOLVED by the President and board of Trustees of the
Village of Lemont that the Irrevocable Letter of Credit No.98 -596 for Abbey Oaks Subdivision is
hereby reduced to $318,500.00.
NOV 25 '98 25:29PM ANTONOPOULO�,�NE NO. :630 243 0958
Nov, 25 1998 2.1::: L7 M P4
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE LEMON I'. COUNTIES' OF COOK, WILL, AND AU PAGE, ILLINOIS, on
this_day o 1998.
Barbara Buschman
Keith Lau
Connie Markiewic a
Rick Rimbo
Ralph Schobert
May Studebaker
Approved by me this_day o
di_S. NAYS PASSED
V
I
LLNF M. SMO , Village Clerk
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""1- . 31 -E M. We
LLEN, Village Clerk
APPROV
TO FORM
1998.
WASNESKI, Village President
'Aatonopoulos, Village Attorney