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RESOLUTION NO.
A RESOLUTION:
86-171
PRESgNTED August 13, ,1.986 ..
ADOPTED August 13~ 1986
~.LAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
I~ROVEMENTS INSTALLATION FOR SOUTH HAVEN SUBDIVISION
WHEREAS, the town's Director of Engineering has reviewed the public im-
pmvements installed to date in the South Haven Subdivision and certifies that
the value of work performed is $71,157; and
WHEREAS, a letter of credit from Farmers and Merchants National Bank in the
amount of $343,783 has been provided by the developer and approved by Council
to guarantee installation of public improvements in the South Haven Subdivision:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The Farmers and Merchants National Bank letter of credit origi-
nally in the amount of $343,783 is reduced to $272,626.
SECTION II. The manager shall notify the developer of the South Haven Sub-
division 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 ac-
ceptance of public improvements by the town or relieve the developer of responsi-
bilities outlined in the contract for public improvements for the South Haven Sub-
division.
PASSED this 13th day of August
ATTEST:
, 1986.
R~bert E. SevFla, Mayor
Town of Leesburg
clerk of C~6il -