HomeMy Public PortalAbout1991_09_10_R198The Town of
Leesburg,
trgtma
PRESENTED September 10,
ADOPTED September 10,
PERFORMANCE GUARANTEE
1991
RESOLUTION NO. 91-198 1991
A RESOLUTION: MAKING A REDUCTION OF THE FOR
PUBLIC IMPROVEMENTS INSTALLATION IN EXETER SECTION 9
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Section 9 and certified that the value of work performed
is $542,511.00; and
WHEREAS, a letter of credit from First American Bank in the amount of $1,566,803.00 has been
provided by the developer and approved by the Council to guarantee installation of public
improvements for Exeter Section 9.
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 $1,566,803.00 is
reduced to $1,024,292.00.
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 Exeter Section 9.
PASSED this 10th day of September , 1991.
ATTEST:
Clerk of Council
r:exeter.s9
Robm~ E. Sevila, Mayor
Town of Leesburg