HomeMy Public PortalAbout1992_04_28_R057The Town of
Leesburg,
Virginia
RESOLUTION NO. 92-57
A RESOLUTION:
PRESENTED April 28, 1992
ADOPTED April 28, 1992
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE AND RELEASING
A LETTER OF CREDIT FOR INSTALLATION OF PUBLIC IMPROVEMENTS
FOR POTOMAC CROSSING SECTION 1E
Loan Bank of Atlanta in the amount of $91,600.00 is hereby released.
PASSED this 28th day of April, 1992.
Clerk of Council
Town of Leesburg
r:potlE.res
WHEREAS, Council Resolution #92-54 authorized a time extension for installation of public
improvements and approved a letter of credit from 1st American Bank confirmed by the Federal Home Loan
Bank of Atlanta in the amount of $91,600.00 as security to guarantee installation of public improvements
by Richmond American Homes of Virginia, Inc. as shown on the plans approved by the Director of
Engineering and Public Works for Potomac Crossing Section 1E; and
WHEREAS, Richmond American Homes of Virginia, Inc., the owner of Potomac Crossing Section
1E, has presented a corporate surety bond from American Motorists Insurance Company (Kemper
Insurance) in the amount of $91,600.00 to replace the approved letter of credit and is requesting approval
of the new performance guarantee and release of the letter of credit.
THERFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from American Motorists Insurance Company (Kemper
Insurance) in the amount of $91,600.00 is approved to replace the letter of credit from 1st American Bank
confirmed by the Federal Home Loan Bank of Atlanta to guarantee the installation of public improvements
in Potomac Crossing Section 1E.
SECTION II. Letter of Credit No. 8068 from 1st American Bank confirmed by the Federal Home