HomeMy Public PortalAbout1986_02_12_R028 The Town ofLeesburgin Virginia
PRESENTED February 12: 1986
RESOLUTION N0.86-28 ADOPTED February 12, 1986
A RESOLUTION: MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR EXETER, SECTION I SUBDIVISION
WHEREAS, the Town's Director of Engineering and Public Works has re-
viewed public improvements installed to date in the Exeter, Section I Sub-
division and has recommended a bond reduction in the amount of $545,427; and
WHEREAS, a $638,716 letter of credit from Old Court Savings and Loan
has been provided by the developer and approved by Council to guarantee
installation of public improvements in the Exeter, Section I Subdivision:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The letter of credit from Old Court Savings and Loan
originally in the amount of $638,716 is reduced to $93,289.
SECTION II. The Land Development Official shall notify the developer
that liability for letter of credit funds has been reduced as outlined in
Section I of this resolution, and that this reduction does not constitute
acceptance of public improvements by the Town or relieve the developer of
responsibilities outlined in the contract for public improvements for the
Exeter, Section I Subdivision.
PASSED this 12th day of
ATTEST:
Clerk of ~ncil
February , 1986.
Robert E. Sevil~
Town of Leesburg