HomeMy Public PortalAbout1989_10_24_R224RESOLUTION NO. 89-224
A RESOLUTION:
PRESENTED Octobar 24: 1989
ADOPTED October 24, 1989
MAKING AREDUCTIONINTHEPERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATIONINFAIRWAYMANOR SUBDMSION
WHEREAS, The Town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Fairway Manor Subdivision and certified that the value of work
performed exceeds $308,800.00; and
WHE~, an irrevocable letter of credit from Perpetual Savings Bank in the amount of
$386,000.00 has been provided by the developer and approved by Council to guarantee installation of
public improvements for the Fairway Manor Subdivision.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The irrevocable letter of credit from Perpetual Savings Bank in the amount of
$386,000.00 is reduced to $77,200.00.
SECTION II. The Town Manager shall notify the developer that liability for the irrevocable letter
of credit 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 the Fairway Manor Subdivision.
PASSED this 24th day of October ,1989.
ATTEST:
Clerk of Could
Robert E. Sevila, Mayor
Town of Leesburg