HomeMy Public PortalAbout1990_08_08_R211ees~urg in ~rirginia
PRESENTED August 8, 1990
ADOPTED August $, 1990
RESOLUTION NO. 90- 211
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION IN TAVISTOCK FARMS SECTION 2
WHEREAS, the town's Director of Engineering and Pub]Ac Works has reviewed the pub]lc
improvements installed to date in Tavistock Farms Section 2 and certified that the value of work
performed ~s $105,955.00; and
WHEREAS, an irrevocable letter of credit from Perpetual Savings Bank in the amount of
$141,274.00 has been provided by the developer and approved by Counci~ to guarantee installation
of public improvements in Tavistock Farms Section 2.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as fo]lows:
SECTION I. The irrevocable letter of credit from Perpetual Savhugs Bank in the amount of
$141,274.00 is reduced to $35,319.00.
SECTION II. The Town Manager shall notL~y the developer that l~abil~ty for the letter of credit
has been reduced as outlined in Section I of this resolution, and that th~ reduction does not constitute
acceptance of public improvements by the town or re]ieve the developer of responsibilities outlined in
the contract for pub]~c improvements in Tavistock Farms Section 2.
PASSED this 8th day of
A~'rEST:
tavistock.2
Augu s t 1990.
Robert E. Sevila, Mayor
Town of Leesburg