HomeMy Public PortalAbout1991_05_14_R106The Town of
Leesburg,
Virginia
PRESENTED May 14, 1991
RESOLUTION NO. 91-106 ADOPTED May 14, 1991
A RESOLUTION: IVIAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLATION IN THE UNION COURT SUBDMSION
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in the Union Court Subdivision and certified that the value of work
performed exceeds $150,736.00; and
WHEREAS, a irrevocable letter of credit from Sovran Bank in the amount of $188,420.00 has
been provided by the developer and approved by Council to guarantee installation of public
improvements for the Union Court Subdivision.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The irrevocable letter of credit from Sovran Bank in the amount of $188,420.00
is reduced to $37,684.00.
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 the Union Court Subdivision.
PASSED this 14th day of May , 1991.
ATTEST:
union.ct
Robert E. Sevila, Mayor
Town of Leesburg