HomeMy Public PortalAbout1991_06_11_R130 The Town of
Leesburg,
] Tirginia
PRESENTED June 11, 1991
RESOLUTION NO. 91-130 ADOPTED June 11, 1991
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
llVIPROVEMENTS INSTALI.ATION IN THE MANORS OF LEESBURG SECTION
1 SUBDMSlON
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in the Manors of Leesburg Section I Subdivision and certified that the
value of work performed exceeds $862,160.00; and
WHEREAS, an irrevocable letter of credit from Signet Bank/Maryland in the amount of
$1,077,700.00 has been provided by the developer and approved by the Council to guarantee
installation of public improvements for the Manors of Leesburg Section I Subdivision.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The irrevocable letter of credit from Signet Bank/Maryland in the amount of
$1,077,700.00 is reduced to $215,540.00.
SECTION II. 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 for the Manors of Leesburg Section I Subdivision.
PASSED this llth day of June , 1991.
ATTEST:
Clerk of Council
manors. 1
Roq~ert E. Sevilg Mayor
Town of Leesburg