HomeMy Public PortalAbout1991_02_26_R045The Town of
Leesburg,
Virg' '
lnla
PRESENTED February 26, 1991
RESOLUTION NO. 91-45
ADOPTED February 26, 1991
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTAI,I.ED IN EXETER SECTION 8
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Section 8 and certified that the value of work performed
exceeds $222,105.00; and
WHEREAS, a letter of credit from First American Bank in the amount of $589,388.00 has been
provided by the developer and approved by the Council to guarantee installation of public
improvements in Exeter Section 8.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from First American Bank in the amount of $589,388.00 is
reduced to $367,283.00.
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 Exeter Section 8.
PASSED this 26th day of February , 1991.
ATTEST:
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-T ..... - '~-~I..m~ Vice-Mayor
Town of Leesburg