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
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