HomeMy Public PortalAbout1990_04_24_R078RESOLUTION NO.
A RESOLUTION:
PRESENTED April 24, 1990
90-78 ADOPTED April 24, 1990
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTAI,I,ED IN TAVISTOCK FARMS SECTION 1
WHE~, 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 the work
performed exceeds $720,000.00; and
WHEREAS, a letter of credit from Perpetual Savings Bank FSB in the amount of $900,000.00 has
been provided by the developer and approved by the Council to guarantee inst~ll-tion of public
improvements for Tavistock Farms Section 1; and
WHEREAS, Resolution No. 90-21 adopted February 13, 1990, which reduced the letter of credit,
incorrectly listed the letter of credit amount and value of work completed:
THEREFORE, resolved by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Perpetual Savings Bank FSB in the amount of $900,000.00
is reduced to $180,000.00.
SECTION II. Resolution No. 90-21 is hereby repealed.
SECTION III. 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 th,t 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 tbJs 24th day of April
,,~ 1990.
Robert E. Sevila, Mayor
Town of Leesburg