HomeMy Public PortalAbout1984_07_25_R120The Town of Leesburg in Virginia
PRESENTED
ADOPTED
July 25, 1984
July 25, 1984
RESOLUTION NO. 84-120
RESOLUTION: AUTHORIZING SUBSTITUTION OF AN IRREVOCABLE LETTER OF CREDIT FOR A SET ASIDE LETTER FOR GUARANTEE OF PUBLIC IMPROVEMENT INSTALLATIONS
FOR SILVER OAKS SUBDIVISION
WHEREAS, Sycolin Forest Associates, Inc., developers of Silver Oaks sub-
division have requested that Equitable Federal Savings & Loan Association ir-
revocable letter of credit-0007in the amount of $224,339 be substituted for
the present set aside letter which guarantees installation of public improve-
ments at Silver Oaks subdivision:
THEREFORE, RESOLVED, by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. Equitable Federal Savings & Loan Association irrevocable letter
of credit 0DDT in the amount, of $224,339 is approved.
SECTION II. The Equitable Federal Savings & Loan Association set aside
letter in the amount of $224,339 is released.
SECTION III. This resolution is conditioned upon review and approval of
Equitable Federal Savings & Loan Association irrevocable letter of credit-0007
· 1984.
Robert E. Sev$~d, Mayor
Town of Leesburg
by the Town Attorney.
PASSED'this 25th
day of July
ATTEST:
Clerk of Co96cil