R-66-98 07/13/1998RESOLUTION NO
DATE OF APPROVAL:
RESOLUTION APPROVING A DRAW ON 1'HE EAGLECREST III
SUBDIVISION LETTER OF CREDIT
WHEREAS, Eaglecrest Estates Subdivision, Phase III was approved by the Village Board
by Resolution R -4 -98 on January 12, 1998; and
WHEREAS, a Letter of Credit No. 20- 97- 07 -43, MB Manufacturers Bank, was submitted
by the developer on July 25, 1997, in the amount of $44,926.00; and
WHEREAS, the developer has failed to satisfactorily complete or carry out the work of the
installation and construction of the required public improvements; and
WHEREAS, the Letter of Credit will expire on July 25, 1998 and will not be automatically
renewed; and
WHEREAS, a draw on the letter of credit in its entirety is necessary to ensure the
completion of the public improvements.
NOW,'IHEREFORE BE IT RESOLVED by the President and Board of Trustees of the
Village of Lemont to request a draw on Letter of Credit No. 20- 97 -07 -43 and authorize the Village
Administrator or his designated representative to present the draw to the Manufacturers Bank if a
replacement Letter of Credit is not submitted prior to expiration.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF L ONT, COOK, WILL AND DU PAGE COUNTIES, ILLINOIS on
this day of , 1998.
J �
Barbara Buschman
Alice Chin
Keith Latz
Connie Markiewicz
Rick Rimbo
Ralph Schobert
Approved by me this
Attest:
AYES NAYS PASSED ABSENT
V
ENE SMOLLEN, Village Clerk
day of
rif,094
. WASNESKI, Village President
1998.
ENE M. SMOLLEN, Village Clerk