HomeMy Public PortalAbout1991_10_22_R238The Town of
Leesburg,
Virginia
RESOLUTION NO. 91-238
A RESOLUTION:
PRESENTED October 22, 1991
ADOPTED October 22, 1991
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTAIJ~ED IN EXETER SECTION 3
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Section 3 and certified that the value of work performed
is $546,680.00; and
WHEREAS, a letter of credit from C&S/Sovran Corporation in the amount of $1,515,253.00 has
been provided by the developer and approved by the Council to guarantee installation of public
improvements in Exeter Section 3.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from C&S/Sovran Corporation in the amount of $1,515,253.00
is reduced to $968,573.00.
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 3.
PASSED this 22nd day of October , 1991.
ATTEST:
Clerk of CoUncil
exeter.3
Town of Leesburg