HomeMy Public PortalAbout1989_02_14_R032£~sb°ulrg in ~l~irgini~
RESOLUTION NO.
A RESOLUTION:
WHEREAS,
improvements installed to date in Potomac Crossing Section lB2 and certified that the value of work
perfomed exceeds $316,000.00; and
WHEREAS, a corporate surety bond from Reliance Insurance Company in the amount of
$395,000.00 has been provided by the developer and approved by Council to guarantee installation of
public improvements for Potomac Crossing Section lB2.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from Reliance Insurance Company in the amount of
$395,000.00 is reduced to $79,000.00.
SECTION II. The Town Manager shall notify the developer that liability for the corporate
surety bond bas 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 Potomac Crossing Section 1B2.
PASSED this 14th day of February , 1989.
PRESENTED February 14, 1989
89-32 ADOPTED February 14, 1989
MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTAIJ,ATION IN POTOMAC CROSSING
SECTION lB2
the Town's Director of Engineering and Public Works has reviewed the public
ATTEST:
Glerk of G~heil
~_o~.~Os~bu~t, Jr., Vice-Mayor