HomeMy Public PortalAbout1992_03_10_R029The Town of
Leesburg,
.rgtma
RESOLUTION NO.
A RESOLUTION:
PRESENTED March 10, 1992
92-29 ADOPTED March 10, 1992
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLATION FOR THE EDWARDS FERRY
ROAD/ROUTE 15 BYPASS IMPROVEMENTS
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date for the Edwards Ferry Road/Route 15 Bypass Improvements and
confirmed that the value of work performed exceeds $2,000,000.00; and
WHEREAS, a letter of credit from Nations Bank (formerly Sovran Bank N.A.) in the amount of
$2,500,000.00 was provided by the developer and approved by the Council to guarantee installation of
public improvements for the Edwards Ferry Road/Route 15 Bypass Improvements, and this letter of
credit was reduced to $1,750,000.00 by Resolution 91-195 adopted on September 10, 1991.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Nations Bank (formerly Sovran Bank N.A.) in the
current amount of $1,750,000.00 is reduced to $500,000.00.
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 Edwards Ferry Road/Route 15 Bypass Improvements.
PASSED this 10th day of March, 1992.
Robert E Sevila~ i~ayor '
Town of Leesburg