HomeMy Public PortalAbout1991_01_08_R007eesourg in cVirginia
PRESENTED January 8, 1991
RESOLUTION NO. 91-7 ADOPTED January 8, 1991
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLED IN PEER MANOR SECTION 3
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Peer Manor Section 3 and certified that the value of work performed
exceeds $137,797.00; and
WHEREAS, an irrevocable letter of credit from Farmers and Merchants National Bank in the
amount of $172,246.00 has been provided by the developer and approved by the Council to guarantee
installation of public improvements in Peer Manor Section 3.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Farmers and Merchants National Bank in the amount of
$172,246.00 is reduced to $34,449.00.
SECTION II. The Acting 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 for Peer Manor Section 3.
PASSED this 8th day of January ., 1991.
ATTEST:
Clerk of Cou/~il
peermanor
Robert E. Sevila, Ma]or
Town of Leesburg