HomeMy Public PortalAbout1986_11_12_R249csl~urg
PRESENTED
ADOPTED
November 12, 1986
November 12. 1986
ATTEST:
Clerk o~ouncil
CharleYs J. Willi~n~, Vice-}~ayor
Town of Leesburg
PASSED this 12th day of November , 1986.
RESOLUTION NO. 86-249
A RESOLUTION: MAKING A REDUCTION IN 'THE PERFORMANCE GUARANTEE FOR ~/BLIC
IMPROVEMENTS INSTALLATION FOR SOUTH HAVEN SUBDIVISION
WHEREAS, the town's Director of Engineering has reviewed the public
improvements installed to date in the South Haven Subdivision and certify
that the value of work performed is $80,408, and
WHEREAS, A letter of credit from Farmers and Merchants National Bank
in the the amount of $272,626 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
in the amount of $272,626 is reduced to $192/218.
SECTION II. The manager shall notify the developer of the South
Haven 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 South Haven Subdivision.