HomeMy Public PortalAbout1991_09_10_R195The Town of
Leesburg,
Virginia
PRESENTED
ADOPTED
OF THE PERFORMANCE
September 10~ 1991
RESOLUTION NO. 91-195
A RESOLUTION: MAKING A REDUCTION
PUBLIC IMPROVEMENTS INSTALLATION FOR THE EDWARDS FERRY
ROAD/ROUTE 15 BYPASS IMPROVEMENTS
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date for the Edwards Ferry Road/Route 15 Bypass Improvements and
certified that the value of work performed is $750,000.00; and
WHEREAS, a letter of credit from Sovran Bank N.A. in the amount of $2,500,000.00 has been
provided by the developer and approved by the Council to guarantee installation of public
improvements for the Edwards Ferry Road/Route 15 Bypass Improvements.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Sovran Bank N.A. in the amount of $2,500,000.00 is
reduced to $1,750,000.00.
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 Edwards Ferry Road/Route 15 Bypass Improvements.
PASSED this 10th day of September , 1991.
September 10. 1991
GUARANTEE FOR
ATTEST:
Ulerk of Council
r:edwards.by
Robert E. Sevlla, Mayor
Town of Leesburg