HomeMy Public PortalAbout1986_05_28_R106RESOLUTION NO.
A RESOLUTION:
86-106
PRESENTED
ADOPTED
May 28, 1986
May 28, 1986
MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR EXETER HILLS SUBDIVISION
SECTION IV
WHEREAS, a registered Engineer has certified the public improvements
installed to date in Exeter Hills Subdivision Section IV has a value of
$149,755; and
WHEREAS, a letter of credit from Providence Savings and Loan Association in
the amount of $193,256 has been provided by the developer and approved by
Council to guarantee installation of public improvements in Exeter Hills
Subdivision Section IV:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The Providence Savings and Loan Association letter of credit
originally in the amount of $193,256 is reduced to $43,501.
SECTION II. The manager shall notify the developer of Exeter Hills
Subdivision Section IV 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 Hills Subdivision Section IV.
SECTION III. This reduction is contingent upon the Town's Director of
Engineering and Public Works certifying the value of the completed improvements
equals $149,755.
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MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC IMPROVEMENTS
INSTALLATION FOR EXETER HILLS SUBDIVISION SECTION IV
PASSED this 2gth day of
ATTE ST:
Clerk of 7ncil
May
, 1986.
Robert E.' Se~ila, M~yor
Town of Leesburg