HomeMy Public PortalAbout1990_07_25_R190Lees~rg i~ ~rirginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED July 25, 1990
90-190 ADOPTED July 25, 1990
APPROVING A SUBSTITUTEPERFORMANCE GUARANTEE FOR PEER
MANOR SECTION III
WHEREAS, Resolution No. 89-199, adopted by the Town Council on September 26, 1989,
approved a letter of credit from Metropolitan Federal Savings and Loan Association in the amount of
$172,246.00 as security to guarantee the instmllstion of the public improvements in the Peer Manor
Section III Subdivision; and
WHEREAS, the developer has provided a letter of credit from Farmers and Merchants National
Bank in the amount of $172,246.00 as the performance guarantee for inst~l~stion of public
improvements in the Peer Manor Section III Subdivision.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
The irrevocable bank letter of credit in a form approved by the Town Attorney from Farmers
and Merchants National Bank in the amount of $172,246.00 is approved as security to guarantee
installation of the public improvements shown on plans approved by the Director of Engineering and
Public Works for Peer Manor Section III.
PASSED this 25th day of
July
~990.
Robert E. Se~a, Mayor
Town of Leesburg
Aq'I'EST:
~]-~rk of Co?~
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