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Resolution Release of the ComEd Tower Replacement Project Financial Security Romeoville, Illinois
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Whereas, the Village of Romeoville (“The Village”) is a municipality in accordance with the Constitution of the State of Illinois of 1970; and,
Whereas, the Village entered into a license agreement with Commonwealth Edison Company (ComEd) for ComEd’s transmission line tower replacement project to allow ComEd to utilize village streets to access the project sites located on ComEd right-of-way; and,
Whereas, ComEd has requested the return of the financial security in the amount of $600,000 that was posted in accordance with the requirements of the license agreement; and,
Whereas, Village Staff has verified that ComEd has satisfied its obligations under the Agreement, and recommends that the bond be returned to ComEd; and,
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES FOR THE VILLAGE OF ROMEOVILLE, WILL COUNTY, ILLINOIS, AS FOLLOWS:
Section 1. The Village of Romeoville approves release of the bond posted by ComEd in accordance with the terms of the license agreement for the ComEd tower replacement project.
Section 2. The Resolution shall be in full force and effect from and after its passage, approval, and publication in pamphlet form, as provided by law.