HomeMy Public PortalAbout1985_04_10_R053The Town of Leesburg in Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED April 10, 1985
85-53 ADOPTED April 10, 1985
RELEASING A PERFORMANCE BOND FOR PHASES I, II, III AND IV, OF
LEESBURG COUNTRY CLUB, SECTION 4
WHEREAS, the Republic Insurance Company is the issuer of Bond Numbers 913168,
913169 and 913170 to guarantee the installation of public facilities and improve-
ments in Leesburg Country Club Subdivision, Section 4, Phases I, II, III and IV; and
WHEREAS, the Town of Leesburg and the Republic Insurance Company, by agreement
dated November 9, 1984, did provide that the town would complete the installation
of all public facilities and improvements in Section 4, Phase I, of the Leesburg
Country Club Subdivision, conditioned on the Republic Insurance Company reimbursing
the town for all expenses in connection with material and labor to install all
improvements within Phase I, up to an amount not exceeding $85,674.10; and
WHEREAS, all of the required public improvements in Leesburg Country Club
Section 4, Phase I, have been installed; and
WHEREAS, the Republic Insurance Company has reimbursed the town for all ex-
penses which total $77,904.36; and
WHEREAS, the aforementioned agreement provides that the town shall release the
Republic Insurance Company from any and all responsibility and/or loss under
the aforementioned Bond Numbers 913168, 913169 and 913170 upon satisfactory
payment of all invoices submitted to complete said improvements:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
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RELEASING A PERFORMANCE BOND FOR PHASES 1, II, III AND IV, OF LEESBURG COUNTRY
CLUB, SECTION 4
Performance bonds issued by the Republic Insurance Company (Bond Numbers
913168, 913169 and 913170) to guarantee installation of public improvements for
Phases I, II, III and IV in Leesburg Country Club Subdivision, Section 4, are
released.
PASSED this
10th day of April
, 1985.
Robert E Sev~lZa, Mayor
Town of Leesburg
ATTEST:
Clerk of CoJcil