HomeMy Public PortalAbout1989_02_28_R043Leesl~urg
PRESENTED February 28~ 1989
RESOLUTION NO. 89- 43
ADOPTED February 28~ 1989
A RESOLUTION:
MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLATION IN EXETER SECTION II AND
ACCEPTING A SUBSTITUTE PERFORMANCE GUARANTEE
WHEREAS, the Town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Section II and certified that the value of work performed is
in excess of $250,000.00; and
WHEREAS, a letter of credit from Dominion Bank in the amount of $253,177.00 has been
provided by the developer and approved by Council to guarantee instsll-tion of public improvements
for Exeter Section II.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in %rmginia as follows:
SECTION I. The letter of credit from Dominion Bank in the amount of $253,177.00 is reduced
to $20,000.00.
SECTION II. A substitute letter of credit in a form approved by the Town Attorney in the
amount of $20,000.00 is accepted and the time of completion of the public improvements is extended
6 months from the date of this resolution.
SECTION III. The Town Manager shall notify the developer that liability for the corporate
surety bond 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 Exeter Section II.
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MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALL~.TION IN EXETER SECTION II AND ACCEPTING A
SUBS'rri~UT~: PERFORMANCE GUARANTEE
PASSED this 28th day of February , 1989.
ATTEST:
Clerk of Cou~il
Jr. , Vice-Mayor
Town of Leesburg