HomeMy Public PortalAbout1988_01_27_R022in rirginia
PRESENTED January 27, 1988
ADOPTED January 27, 1988
PASSED this 27th day of
ATTEST:
Clerk of~Ubcii
Janua~ , 1988.
Robert E. Sevila, Mayor
Town of Leesburg
RESOLUTION NO. 88-22
A P~SOLUTION: ACCEPTING PUBLIC IMPROVEMENTS, REI~ASING THE PERFORMANCE
BOND AND APPROVING A MAINTENANCE BOND FOR PUBLIC
IMPROVEMENTS, SECTION 1 OF FOXRIDGE SUBDIVISION
WHEREAS, Pulte Home Corporation, the developer of Foxridge Subdivision
Section 1 has completed public improvements in accordance with approved
plans and town standards, and these have been inspected and approved.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The irrevocable letter of credit #320-86 from Capital Bank,
NA in the amount of $14,070.00 is released, and a new letter of credit for
a maintenance guarantee in the amount of $8,350.00 from First American
Bank in a form approved by the town attorney is approved, and shall be in
effect for a period of one year from this date.
SECTION II. A letter of credit or other surety in a form approved by
the town attorney in the amount of $1,500.00 shall be provided prior to the
end of the one year maintenance period. This shall guarantee maintenance
of the stormwater detention pond and shall remain in effect until the end
of the maintenance period for the last section of Foxridge Subdivision.
SECTION III. This release is contingent upon delivery of a properly
executed instrument conveying unto the town all such improvements and
easements free of any liens or changes.