HomeMy Public PortalAbout1991_10_09_R227The Town of
Leesburg,
Virginia
PRESENTED October 9, 1991
RESOLUTION NO. 91- 227_
ADOPTED October 9, 1991
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTAI.I.ED FOR THE EXETER/BIG SPRINGS SEWAGE
PUMPING STATION
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date for the Exeter/Big Springs Sewage Pumping Station and certified that
the value of work performed is $203,468.00; and
WHEREAS, a letter of credit from First American Bsnk in the amount of $254,336.00 has been
provided by the developer and approved by the Council to guarantee installation of public
improvements for the Exeter/Big Springs Sewage Pumping Station.
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 $254,336.00 is
reduced to $50,868.00.
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 Exeter/Big Springs Sewage Pumping Station.
PASSED this 9th day of October , 1991.
ATTEST:
Clerk of Council
exeter.bss
Town of Leesburg