HomeMy Public PortalAbout1986_05_14_R082vvsl~urg
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RESOLUTION NO.
A RESOLUTION:
PRESENTED May 14~ 1986
86-82 ADOPTED May 14, 1986
MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR CATOCTIN VIEW SUBDIVISION
WHEREAS, the town's Director of Engineering has reviewed the public
improvements installed to date in the Catoctin View Subdivision and certifies
that the value of work performed is $116,491, and
WHEREAS, a letter of credit from Suburban Bank of Maryland in the
amount of $279,089 has been provided by the developer and approved by
Council to guarantee installation of public improvements in the Catoctin
View Subdivision:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The Suburban Bank letter of credit originally in the
amount of $279,089 is reduced to $162,598.
SECTION II. The manager shall notify the developer of the Catoctin
View Subdivision 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 improve-
ments for the Catoctin View Subdivision.
PASSED this 14th day of May
ATTEST:
Clerk of Muncil
, 1986.
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Town of Leesburg