HomeMy Public PortalAbout1990_08_08_R212ees~ut'g
PRESENTED August g~ 1990
RESOLUTION NO. 90-212 ADOPTED August 8~ 1990
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTAI,I,ATION IN TAVISTOCK FARMS SECTION 6
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Tavistock Farms Section 6 and certified that the value of work
performed exceeds $802,225.00; and
WHEREAS, an irrevocable letter of credit from Perpetual Savings Bank in the amount of
$1,002,781.00 bas been provided by the developer and approved by Council to guarantee installation
of public improvements in Tavistock Farms Section 6.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Perpetual Savings Bank in the amount of $1,002,781.00
is reduced to $200,556.00.
SECTION H. 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 in Tavistock Farms Section 6.
PASSED this 8th day of August
ATTEST:
Clerk of Co~eil
tavistock.6
,1990.
Robert E. Sevila, Mayor
Town of Leesburg