92-117 t RESOLUTION
APPROVING PAYOUT FROM THE OLD MAIN RESTORATION ESCROW ACCOUNT
WHEREAS, the City of Elgin is the owner of certain real
property upon which is a structure commonly known as Old Main;
and
WHEREAS, the City of Elgin and the Elgin Historical
Society have entered into an agreement wherein Old Main is to
be renovated and occupied by the Historical Society as a
historical museum; and
WHEREAS, pursuant to said agreement the plans and
contract documents of such renovation are subject to the prior
approval of the City of Elgin; and
WHEREAS, on March 22, 1989 the City of Elgin, the Elgin
Area Historical Society and the First National Bank of Elgin
(escrowee) entered into an escrow agreement which established
the Old Main Restoration Account and authorized the escrowee
to make payments from said account on the written direction of
the City of Elgin and the Historical Society; and
WHEREAS, renovation work has been continuing and
application has now been made for the payment of $23,447 . 73
"t from the escrow account.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS, that the First National Bank of Elgin
is authorized and directed to release funds from the Old Main
Restoration Account in the following amounts to the following
suppliers :
Russ ' s Drywall, Inc . $ 7 ,950 . 00
City Ornamental Iron Works $ 480 . 00
Local Sheet Metal & Heating $ 705 . 00
Jack' s Plumbing $ 430 . 30
Fox Valley Fire & Safety Co. $ 2, 000 . 00
Accredited Workwork-Glen Coisman $ 4 , 977 . 00
Tim Reed - Carpentry Contractor $ 6,905.43
per the written direction of the Elgin Area Historical Society
dated May 18, 1992, a copy of which is attached hereto and
made a part hereof by reference.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: May 27, 1992
Adopted: May 27, 1992
Vote: Yeas 7 Nays 0
Recorded:
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
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