R-02-98 01/12/98RESOLUTION NO
RESOLUTION AUTHORIZING CASH SECURITY REDUCTION
FOR OAK CREEK ESTATES 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 Creek Estates Subdivision, located east of State Street off
130th Place, in Lemont Illinois, an Irrevocable Letter of Credit #31, The Lemont National Bank and
Trust Company, in the amount of $80,000.00 was deposited with the Village of Lemont on July 30,
1992; and
WHEREAS Combined Management, Inc. has previously reduced the Irrevocable Letter of
Credit to the amount of $27,500.00 and submitted a cash deposit in lieu of the Letter of Credit; 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 and that the
cash security should be reduced from $27,500.00 to $4,000.00.
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 cash security is hereby reduced to $4,000.00.
NOW, THEREFORE BE IT RESOLVED by the President and board of Trustees of the
Village of Lemont that the cash security for Oak Creek Estates Subdivision is hereby reduced to
$4,000.00.
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 January, 1998.
AYES NAYS PASSED ABSENT
V
Barbara Buschman
Keith Latz V
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Mary Studebaker
Approved by me this 12th
Attest:
/
HARLENE M. SMOLLEN, Village Clerk
ENE M. SMOLLEN, Village Clerk
anu- ,1998.
SNES , Village President
ROBERIA
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