HomeMy Public PortalAbout1992_04_28_R058The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED April 28, 1992
92-58 ADOPTED April 28, 1992
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE AND
RELEASING A LETTER OF CREDIT FOR INSTAI.I.ATION OF PUBLIC
IMPROVEMENTS FOR BATTLEFIELD PARKWAY, PHASE II AND BIG
SPRINGS STORIVI WATER MANAGEMENT POND
SECTION II.
is hereby released.
PASSED this 28th
day of April, 1992.
~erk of Council
Letter of Credit No. 8135 from 1st American Bank in the amount of $352,237.00
Robert E S~i-la, Mayor
Town of Leesburg
WHEREAS, Council Resolution #90-156 approved a letter of credit from 1st American Bank in
the amount of $1,761,183.00 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 Battlefield Parkway Phase II & Big Springs Storm Water Management Pond; and
WHEREAS, the letter of credit from 1st American Bank was reduced to the current amount of
$352,237.00 by Council Resolution's #91-47 adopted February 26, 1991 and #91-199 adopted September
10, 1991; and
WHEREAS, Richmond American Homes of Virginia, Inc., the owner of the Battlefield Parkway,
Phase II and Big Springs Storm Water Management Pond, has presented a corporate surety bond from
American Motorists Insurance Company (Kemper Insurance) in the amount of $352,237.00 to replace the
approved letter of credit and is requesting approval of the new performance guarantee and release of the
letter of credit.
THEREFORE, 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 $352,237.00 is approved to replace the letter of credit from 1st American
Bank to guarantee the installation of public improvements in the Battlefield Parkway, Phase II and Big
Springs Storm Water Management Pond.