HomeMy Public PortalAbout1991_07_23_R163The Town of
Leesburg,
Virginia
PRESENTED July 23, 1991
RESOLUTION NO. 91-163 ADOPTED July 23, 1991
A RESOLUTION: APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE AND I~I.~.ASING
A LETTER OF CREDIT FOR THE WARREN HILL SUBDIVISION
WHEREAS, Council Resolution #91-79 approved a letter of credit from Farmers and Mechanics
National Bsnk in the amount of $219,200.00 as security to guarantee installation of public
improvements by the Makela Corporation, as shown on plans approved by the Director of Engineering
for the Warren Hill Subdivision; and
WHEREAS, the Makela Corporation, the owner of the Warren Hill Subdivision, has presented a
corporate surety bond from Westchester Fire Insurance Company in the amount of $219,200.00 to
replace the approved letter of credit and is requesting approval of the new performance guarantee and
release of the letter of credit.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from Westchester Fire Insurance Company in the amount
of $219,200.00 is approved to replace the letter of credit from Farmers and Mechanics National Bank
to guarantee the installation of public improvements in the Warren Hill Subdivision.
SECTION II. The letter of credit No. 8023235-91562 from Farmers and Mechanics National Bank
in the amount of $219,200.00 is hereby released.
PASSED this 23rd day of July , 1991.
ATTEST:
Clerk of C'ouncil
r.%varren.loc
Robert E. Sevila, Mayor
Town of Leesburg