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RESOLUTION NO. 88-31
PRESENTED February 10, 1988
~DOPTED February 10, 1988
A RESOLUTION: ACCEPTING PUBLIC IMPROVEMENTS, RELEASING THE PERFORMANCE BOND
.AND APPROVING A MAINTENANCE BOND FOR PUBLIC IMPROVEMENTS,
EXETER SECTION I SUBDIVISION
~EREAS, the developer of the Exeter Section 1 Subdivision has
completed public improvements except for a temporary cul-de-sac at the end
of Plaza Street 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, Trust Account huskers 446
and 538 from Old Court Savings and Loan, Incorporated in the amount of
$638,716.00 is released, and a new letter of credit for a maintenance
guarantee in the amount of $31,936.00 from Dominion Bank of Virginia is
accepted in a form approved by the town attorney, and shall be in effect
for a period of one year from this date.
SECTION II. This release and acceptance is contingent upon the
submission of acceptable As-built drawings and delivery by the developer of
a separate $5,000.00 surety in a form approved by the town attorney to
guarantee the construction of the temporary cul-de-sac at the north end of
Plaza Street. The Town Council will determine at the end of the
maintenance period if the construction of the temporary cul-de-sac .is
necessary.
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ACCEPTING PUBLIC IMPROVEMENTS, RELEASING THE PERFORMANCE BOND AND APPROVING
A MAINTENANCE. BOND FOR PUBLIC IMPROVEMENTS, F~ETER SECTION I 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.
PASSED this 10th day of
ATTEST: ~
Clerk o~ ~ncil
February z7 , 1988.
Robert E. Sevlla, Mayor
Town of Leesburg