HomeMy Public PortalAbout1989_04_11_R076L..,;~f
ccsourg ~n cVirginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED April 11, 1989
89-76
ADOPTED April 11, 1989
AUTHORIZING A TIME FO[TENSION OF THE PERFORMANCE
GUARANTRR FOR INSTALTATION OF PUBLIC IN[PRO~NTS FOR
SOUTH HAVEN SUBDIVISION OR AUTHORIZING A CAT.T, OF THE
LETTER OF CREDIT
WI-rms--, Tedence Incorporated, the developers of South Haven Subdivision have not
completed all the required public improvements in acco~nce with the approved construction drawings
and town standards within the two year period agreed to in the contract for public improvements and
the extension thereto; and
WHEREAS, the letter of credit from Farmers and Merchants National B~_nk of I-Tamilton,
Virginia dated October 18, 1988 which guarantees the installation of public improvements, in the
amount of $68,758.00, will expire on April 18, 1989; and
WHERF_u~, a new letter of credit from Farmers and Merch-nts National B~nk of I-Tamilton~
Virginia or any other bank in the amount of $68,758.00 has not been provided by the developer to
guarantee installation of the remaining public improvements for South Haven; and
WHEREAS, the Director of Engineering and Public Works h~s approved the amount of
$68,758.00 to guarantee installation of the remaining public improvements:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. In the event a letter of credit from Farmers and Merch,nts National Bank of
I-T_amilton, Virgini~ or any ba_nk acceptable to the Town in the amount of $68,758.00 in a form approved
by the Town Attorney and a request for an extension of six months for the installation of public
improvements are requested by the developer prior to April 18, 1989, the same is hereby approved.
SECTION II. In the event a letter of credit from Farmers and Merchants National B~nk of
Hamilton, Virginia or any bank acceptable to the Town in the amount of $68,758.00 in a form approved
by the Town Attorney and a request for an extension of six months for the installation of public
improvements is not requested by the developer prior to April 14, 1989, the Town hereby declares the
developer in default of this contract and the Town Manager is hereby authorized to request payment
pursuant to the letter of credit from the Farmers and Merchants National B~nk of I-Tamilton, Virginia
-2-
A RESOLUTION: SOUTH HAVEN PERFORMANCE GUARANTEE
dated October 18, 1988.
PASSED this llth
ATTEST:
day of April ,1989.
Robert E. '~evils, Mayor
Town of Leesbur~