HomeMy Public PortalAbout1986_09_10_R192Lgcs6urg in CVirKinia
RESOLUTION NO.
A RESOLUTION:
PRESENTED September 10~ 1986
86-192 ADOPTED September 10~ 1986
MAKING A REDUCTION IN TIIE PERFORMANCE GUARANTEE FOR ]PUBLIC
IMPROVEMENTS INSTALLATION FOR CATOCTIN VIEW SUBDIVISION
WHEREAS, the Town's Director of Engineering and Public Works has re-
viewed public improvements installed to date in the Catoctin View Sub-
division and certifies that the value of work performed is $61,338, and
WHEREAS, a letter of credit from Suburban Bank of Maryland in the
amount of $162,598 has been provided by the developer and approved by
Council to guarantee installation of public improvements in the Cactoctin
View Subdivision:
T~I~REFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The letter of credit from Suburban Bank in the amount of
$162,598 is reduced to $101,260.
SECTION II. The Town Manager 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
Catoctin View Subdivision.
PASSED this 10th day of
ATTEST:
Cler~ of C~cil
September , 1986~
Robert E. Sevi][a, Mayor
Town of Leesburg