HomeMy Public PortalAbout1988_11_08_R224 PRESENTED November 8, 1988
RESOLUTION NO. 88-224 ADOPTED November 8~ 1988
A RESOLUTION: APPROVING A REPLACEMENT CORPORATE SURETY BOND FROM RELIANCE
INSURANCE COMPANY TO GUARANTEE THE PUBLIC IMPROVEME[fFS IN
POTOMAC CROSSING SECTION IH
WHEREAS, American Motorists Insurance Company was approved by the town
Council in Resolution No. 87-167 to provide a corporate surety bond in the
amount of $270,000.00 for public improvements for Potomac Crossing Planned
Development Section IH; and
WHEREAS, the surety bond in the amount of $270,000.00 from American
Motorists Insurance Company was reduced to $54,000.00 by Council action in
Resolution No. 88-169; and
WHEREAS, a new corporate surety bond from Reliance Insurance Company
has been provided by the developer and approved by the town attorney to
replace American Motorists Company in Resolution No. 88-169:
THEREFORE, BE IT RESOLVED by the Council of the Town of Leesburg in
Virginia that a corporate surety bond in the amount of $54,000.00 from
Reliance Insurance Company is approved to guarantee the installation of
public improvements in Potomac Crossing Section 1H.
PASSED this 8th day of November , 1988.
Robert ~. Se~fla, Mayor
Town of Beesburg
ATTEST: