R-41-00 04/10/20004
RESOLUTION NO.
RESOLUTION AUTHORIZING RELEASE
OF LETTER OF CREDIT
FOR OAK TREE 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 Oak Tree Subdivision, located on the north side of Archer
Avenue and west of Parker Road in Lemont, Illinois, an Irrevocable Letter of Credit #152, Liberty
Federal Bank, in the amount of $1,152,713.75 was deposited with the Village of Lemont on April
5, 1996 to cover remaining public improvements; and
WHEREAS, Robert Ranquist, Oak Tree Subdivision, has made application for release of
the Irrevocable Letter of Credit #152; 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,'1'HEREFORE, BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont that:
SECTION 1: All site work covered under Letter of Credit #152 has been satisfactorily
completed.
SECTION 2: The Irrevocable Letter of Credit #152 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 #152 for Oak Tree Subdivision is hereby
released.
PASSED AND APPROVED BY '1'HL PRESIDENT AND BOARD OF TRUSTEES OF
1H.E VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DU PAGE, ILLINOIS,
on this /0-* day of 2000.
John Benik
Debby Blatzer
Keith Latz
Connie Markiewicz
Rick Rimbo
Mary Studebaker
Approved by me this %0 day of
Attest: -'
AYES NAYS PASSED ABSENT
CHARLENE M. SMOLLEN, Village Clerk
nir 7 K`!f
11 411,11 ,
, 2000.
SNESKI, Village President
'PRO D AS TO FO'
.Me' at
ENE M. SMOLLEN, Village Clerk,' JOHN ANTONOPO O `, Village Attorney