HomeMy Public PortalAbout1990_10_24_R268PRESENTED October 24, 1990
RESOLUTION NO. 90-268
ADOPTED October 24, 1990
A EESOLUTION:
ACCEPTING PUBLIC IMPROVEMENTS, RELEASING THE PERFORMANCE
GUARANTEE AND APPROVING A MAINTENANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS AT POTOMAC CROSSING SECTION lC
WHEREAS, the Potomac Crossing Corporation, the developer of Potomac. Crossing Section lC, has
completed the public improvements in accordance with approved plans and town standards, and these
have been inspected and approved.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The irrevocable letter of credit from United Federal Savings Bank in the amount
of $385,740.00 is released, and a new letter of credit from United Federal Savings Bank in a form
approved by the town attorney for a mAiutenance guarantee in the amount of $94,848.00 is approved,
and shall be in effect for a period of one year from this date.
SECTION H. This release is contingent upon delivery of a properly executed instrument
conveying unto the town all such improvements and easements free of any liens or charges.
PASSED this 24th day of October ,1990.
A'CrEST:
potcros, lc
Robert E. Sevila, Mayor
Town of Leesburg