R-17-98 03/16/98RESOLUTION NO. R -17 -98
RESOLUTION AUTHORIZING RELEASE OF LETTER OF CREDIT FOR
HARPER'S GROVE 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 Harper's Grove Subdivision, located west of State Street and
southeast of emerald Acres in Lemont, Illinois, an Irrevocable Letter of Credit #101-154, First United
Bank, in the amount of $164,440.31 was deposited with the Village of Lemont on September 9, 1997
to cover remaining public improvements; and
WHEREAS Mike Harper, Mallard Development, has made application for release of the
Irrevocable Letter of Credit #101 -154; 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: Preliminary site work covered under Letter of Credit #101 -154 has been
satisfactorily completed.
SECTION 2: The Irrevocable Letter of Credit #101 -154 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 #101 -154 for Harper's Grove Subdivision is
hereby released.
PASSED AND APPROVED BY 'THEE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DU PAGE, ILLINOIS,
on this 16th day of March, 1998.
Barbara Buschman
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Mary Studebaker
Approved by me this 16th
Attest
AYES NAYS PASSED ABSENT
ENE M. SMOLLE , Village Clerk
illage President