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PRESENTED June 13; 1990
ADOPTED June 13, 1990
RESOLUTION NO. 90-131
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION IN TAVISTOCK FARMS SECTION 9
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Tavistock Farms Section 9 and certified that the value of work
performed exceeds $154,319.00; and
WHEREAS, an irrevocable letter of credit from Perpetual Savings Bank, FSB in the mount of
$192,899.00 has been provided by the developer and approved by Council to guarantee installation
of public improvements in Tavistock Farms Section 9.
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, FSB in the amount
of $192,899.00 is reduced to $38,580.00.
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 Tavistock Farms Section 9.
PASSED this 13th day of June ,1990.
Robert E. Sevila, Maygr °
Town of Leesburg
ATTEST:
Clerk of Coun~l
tavistock.9