HomeMy Public PortalAbout1992_04_28_R061The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
92-61
APPROVING
R~L~SINO
PRESENTED April 28, 1992
ADOPTED April 28, 1992
A SUBSTITUTE PERFORMANCE GUARANTEE AND
A LETTER OF CREDIT FOR INSTALLATION OF PUBLIC
IMPROVEMENTS FOR EXETER SECTION 9
Robert E. ge~il~ ~iayor
Town of Leesburg
R:exeter9.res
Clerk of Council
is hereby released.
PASSED this 28th day of April, 1992.
WHEREAS, Council Resolution #90-235 approved a letter of credit from 1st American Bank in
the amount of $1,566,803.00 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 9; and
WHEREAS, the letter of credit from 1st American Bank was reduced to the current amount
$1,024,292.00 by Council Resolution #91-198 adopted September 10, 1991; and
WHEREAS, Richmond American Homes of Virginia, Inc., the owner of Exeter Section 9, has
presented a corporate surety bond from American Motorists Insurance Company (Kemper Insurance) in
the amount of $1,024,292.00 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 $1,024,292.00 is approved to replace the letter of credit from 1st American
Bank to guarantee the installation of public improvements in Exeter Section 9.
SECTION II. Letter of Credit No. 8137 from 1st American Bank in the amount of $1,024,292.00