HomeMy Public PortalAbout1990_02_13_R021ees~urg in ~V~¥ginia
RESOLUTION NO. 90-21
A RESOLUTION:
PRESENTED February 13, 1990
ADOPTED February 13, 1990
MAKING A REDUCTION IN THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALL&TED IN TAVISTOCK FARMS SECTION 1
WHEREAS, The Town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Tavistock Farms Section 1 and certified that the value of work
performed exceeds $160,000.00; and
WHEREAS, a letter of credit from Perpetual Savings Bank F.S.B. in the mount of $200,000.00
has been provided by the developer and approved by Council to guarantee instAllAtion of public
improvements for Tavistock Farms Section 1.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Perpetual Savings Bank F.S.B. in the amount of $200,000.00
is reduced to $40,000.00.
SECTION II. The Town Manager shall notify the developer that liability for the 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 Tavistock Farms Section 1.
PASSED the 13th day of February ., 1990.
A~I'EST:
Clerk of Council
Robert E. Sevila, Mayor
Town of Leesburg