1 - Village of Palatine

RESOLUTION NO.____
Resolution Authorizing a Draw of Security for Palos & Dundee Subdivision
(LOC #0125) Pursuant to the Village of Palatine Municipal Code, Appendix
B, Subdivisions, Section 9.02
WHEREAS, on the 7th day of August, 2006, Inverness Financial, Inc.,
for good and valuable consideration agreed to install certain public
improvements in the Palos & Dundee Subdivision; and
WHEREAS, pursuant to Section 9.02 of Appendix B, Subdivisions of
the Palatine Municipal Code, an owner or developer of a subdivision is
required to deposit certain security or evidence thereof with the Village of
Palatine to guarantee the installation of such public improvements; and
WHEREAS, in the matter of the Palos & Dundee Subdivision located
at the southeast corner of Palos and Dundee Roads, an Irrevocable Letter
of Credit #0125 (Cornerstone Bank & Trust) in the amount of $120,311.95
was deposited with the Village of Palatine on the 7th day of August, 2006
and was subsequently reduced to $51,446.65; and
WHEREAS, work remains pursuant to the Subdivision and includes
various items related to the approved plan. Substantial time has passed for
these various items and deficiencies to have been completed; and
WHEREAS, the Village of Palatine desires to draw on its entirety
such Irrevocable Letter of Credit #0125 (Cornerstone Bank & Trust)
pursuant to the terms thereof.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of
the Village of Palatine that: