HomeMy Public PortalAbout1981_01_28_R014RESOLUTION NO.
A RESOLUTION:
TOWN OF LEESBURG
IN
LOUDOUN COUNTY, VIRGINIA
PRESENTED January 28, 1981
81-14 ADOPTED January 28, 1981
PARTIAL RELEASE OF A PERFORMANCE BOND FOR SECTION 1
OF PHASE I, CARRVALE SUBDIVISION
WHEREAS, International Pavilion Company, developers of Sec-
tion 1, Carrvale, have requested partial release of the $719,901
performance bond for public improvements for that subdivision; and
WHEREAS, bonds No. 923650, 923651 and 923562 in the amounts
of $258,513, $266,184 and $195,204 from Republic Financial Services,
Inc. had been approved to guarantee the installation of those pub-
lic improvements; and
WHEREAS, all but $204,000 worth of public improvements have
been completed in accordance with town standards; and
WHEREAS, the developers have agreed to substitute a performance
bond in the amount of $204,000 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.
THEREFORE, RESOLVED by the Council of the Town of Leesburg,
Virginia, as follows:
SECTION I. The performance bond in the amount of $204,000 is
approved conditioned upon review and approval by the town attorney.
SECTION II. Performance bond numbers 923650, 923651 and
923562 in the amounts of $258,513, $266,184 and $195,204, respec-
tively, from the Republic Financial Services, Inc. providing for
the guarantee for installation of public improvements for Sec-
tion 1 of Carrvale Subdivision are released conditioned upon re-
ceipt of the bond as noted in Section I of this resolution.
PASSED this 28th day of January , 1981.
ATTEST:
Clerk of C~cil
Town of Leesburg