HomeMy Public PortalAbout1988_10_11_R193Leesl~urg ~n ~Firgini~
PRESENTED October 11, 1988
RESOLUTION NO. 88-193 ADOPTED October 11, 1988
A RESOLUTION: MAKING A REDUCTION IN THE PERFORCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION FOR PAXTON SUBDIVISION SECTION I
WHEREAS, the Town's Director of Engineering and Public Works has
reviewed the public improvements installed to date for Paxton Subdivision
Section I and certified that the value of work performed exceeds
$208,000.00; and
WHEREAS, an irrevocable letter of credit from Equitable Federal Savings
and Loan in the amount of $260,000.00 has been provided by the developer
and approved by Council to guarantee installation of public improvements
for Paxton Subdivision Section I.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The irrevocable letter of credit from Equitable Federal
Savings and Loan in the amount of $260,000.00 is reduced to $52,000.00.
SECTION II. The Town Manager shall notify the developer that liability
for the letter of credit fund 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
Paxton Subdivision Section I.
PASSED this llth day of
ATTEST: ~ ~
Clerk of C~uncil
October /~, 1988.
Robert E. Sevila, Mayor
Town of Leesburg