HomeMy Public PortalAbout1992_04_28_R059The Town of
Leesburg,
Tirginia
RESOLUTION NO.
A RESOLUTION:
92-59
APPROVING
RELEASING
PRESENTED April 28, 1992
ADOPTED April 28, 1992
A SUBSTITUTE PERFORMANCE GUARANTEE AND
A LETTER OF CREDIT FOR INSTAI.I.ATION OF PUBLIC
IMPROVEMENTS FOR EXETER SECTION 5
28th
day of April, 1992.
Robert E. Sevil~, ~/iayor
Town of Leesburg
SECTION II.
is hereby released.
PASSED this
Letter of Credit No. 8244 from 1st American Bank in the amount of $792,773.00
WHEREAS, Council Resolution #90-152 approved a letter of credit from 1st American Bank in
the amount of $1,715,436.00 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 Exeter Section 5; and
WHEREAS, the letter of credit from 1st American Bank was reduced to the current amount of
$792,773.00 by Council Resolutions #91-196 adopted September 10, 1991 and #92-37 adopted March 24,
1992; and
WHEREAS, Richmond American Homes of Virginia, Inc., the owner of Exeter Section 5, has
presented a corporate surety bond from American Motorists Insurance Company (Kemper Insurance) in
the amount of $792,773.00 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 $792,773.00 is approved to replace the letter of credit from 1st American
Bank to guarantee the installation of public improvements in Exeter Section 5.