HomeMy Public PortalAbout1992_03_24_R037The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED March 26, 1992
92-37 ADOPTED March 24, 1992
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLATION FOR EXETER SECTION 5
PASSED tMs 24th
ATTEST:
Clerk of Council
exeter, s5
day of Map~h , 1992.
Robert E. Sev~la~ May6r
Town of Leesburg
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Section 5 and confirmed that the value of work performed
exceeds $922,663.00; and
WHEREAS, a letter of credit from First American Bank in the amount of $1,715,436.00 was
provided by the developer and approved by Council to guarantee installation of public improvements
for Exeter Section 5, and this letter of credit was reduced to $1,001,295.00 by Resolution 91-196 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 First American Bank in the current amount of
$1,001,295.00 is reduced to $792,773.00.
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 5.