HomeMy Public PortalAbout1979_09_26_R136TOWN OF LEESBURG
IN
LOUDOUN COUNTY, VIRGINIA
PRESENTED September 26, 1979
RESOLUTION NO. 79-136 ADOPTED September 26, 1979
A RESOLUTION: PARTIAL RELEASE OF PERFORMANCE BOND FOR SECTION II
OF PHASE I CARRVALE SUBDIVISION.
WHEREAS, International Pavilion Company, developers of SectionlII
Carrvale, have requested partial release of the $331,009 Performance
Bond for public improvements for that subdivision and
WHEREAS, Bonds9920134 and 9920135 in the amounts of $205,361
and $125,648 from Republic Financial Services, Inc. had been
approved to guarantee the installation of those public improve-
ments and
WHEREAS, the public improvements have been completed in
accordance with town standards except for minor repairs, final
paving, and as-built drawings, all valued at approximately
$73,500 and
WHEREAS, the developers have agreed to substitute a perfor-
mance bond in the amount of $73,500 to guarantee the remaining
work and
WHEREAS, International Pavilion Company understands that this
partial release is not an indication that the public facilities
are accepted for maintenance and that they are solely responsible
for the condition of those improvements until such time as they are
accepted.
-2-
THEREFORE, RESOLVED by the Council of the Town of Leesburg
as follows:
SECTION I. The Performance Bond in the amount of $73,500
is approved conditioned upon review and approval by the town
attorney.
SECTION II. Performance Bonds #920134 and #920135 in the
amounts of $205,361 and $125,648, respectively, from Republic
Financial Services, Inc. providing for the guarantee for the
installation of public improvements for Section II of Carrvale
Subdivision are released conditioned upon receipt of the bond as
noted in Section I of this Resolution.
PASSED this 26th day of September , 1979.
Pro-Tem
ATTEST:
Clerk of C~cil