HomeMy Public PortalAbout1991_11_26_R271The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLICgION:
PRESENTED November 26, 1991
91-271 ADOPTED November 26,1991
APPROVING A SUBSTITUTE PERFORIVIANCE GUABANTEE FOR THEC&P
BUrr,DING AT HIGHPOINT
WHEREAS, a corporate surety bond from International Fidelity Insurance Company in the mount
of $158,349.00 was approved by the Town Council by the adoption of Resolution #90-319 on December
12, 1990 to guarantee the instsll~_tion of public improvements at the C&P Building at Highpoint; and
WHEREAS, Long Lake Associates, the developer of the C&P Building at Highpoint has not
submitted the approved corporate surety bond and, has requested that a letter of credit in the amount
of $158,349.00 from either Sovran Bank or Dominion Bank be accepted instead of the corporate surety
bond from International Fidelity Insurance Company.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
An irrevocable letter of credit in a form approved by the town attorney from either Sovran Bank
or Domlrdon Bank in the amount of $158,349.00 is approved as security to guarantee the inst~llation of
public improvements at the C&P Building at Highpoint.
PASSED this 26th day of November
ATTEST:
Clerk of Council
,1991.
Robert E. Sevila/Mayor
Town of Leesburg