HomeMy Public PortalAbout1989_05_23_R105eesourg in ~-Virginia
RESOLUTION NO.
A RESOLUTION:
89-105
PI~_~~ May 23~ 1989
ADOi~I~D May 23:1989
APPROVING A SUBSTITUTE LETTER OF CREDIT FOR PERFORMANCE
GUARANTEE FOR PUBLIC IMPROVEMENTS IN WOODI,R& MANOR
PHASE I
NV Land provided irrevocable letters of credit in the amounts of $3~21,000.00
and $62,000.00 from Signet _l:~nk to guarantee inst~llstion of public improvements in Woodlea Msnor
Phase I and the connection to Bradfield Drive; and
WHEREAS, the Town Council approved these letters of credit by adoption of Resolution number
88-183 and the town attorney approved the legal form; and
WHEREAS, NV Land has provided substitute letters of credit in the amounts of $3,221,000.00
and $62,000.00 from Home Federal Savings and Loan Association of San Diego, California and the
town attorney has approved the legal for~
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Vh~i~'-ia as follows:
SECTION I. Irrevocable letters of credit in a form approved by the town attorney from Home
Federal and Savings and Loan Association of San Diego, California are approved as security to
guarantee the installation of public improvements for Woodlea Manor Phase I and the connection to
Bradfield Drive.
SECTION H. The irrevocable letters of credit from Signet _p.s,~r in the amount of $3,221,000.00
and $62,000.00 are released conditioned upon receipt and acceptance of the substitute letters of credit
from Home Federal Savings and Loan Associatio~
A RESOLUTION:
-2-
APPROVING A SUBSTITUTE LETTER OF CREDIT FOR PERFORMANCE
GUARANTEE FOR PUBLIC IMPROVEMENTS IN WOODLF.& MANOR
PHASE I
PASSED this 23rd day of
, 1989.
A~I~EST:
Co :
Clerk of ~
bm
Town of Leesburg