HomeMy Public PortalAbout1991_10_09_R226The Town of
Leesburg,
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RESOLUTION NO.~
A RESOLUTION:
PRESENTEDOctober 9. 1991
ADOPTED October 9, 1991
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLED IN EXETER SECTION 10
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Section 10 and certified that the value of work performed
is $679,154.00; and
WHE~, a letter of credit from First American Bank in the amount of $852,388.24 has been
provided by the developer and approved by the Council to guarantee instanation of public
improvements in Exeter Section 10.
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 $852,388.24 is
reduced to $173,234.24.
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 10.
PASSED this 9th day of October , 1991.
ATTEST:
exeter, lO
Robert E. Sevila,~VIayor
Town of Leesburg