HomeMy Public PortalAbout1992_04_28_R062The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
P~ April 28, 1992
92-62 ADOPTED April 28, 1992
APPROVING A S~ PERFORMANCE GUARANTEE AND R~Ia~.ASING
A LETTER OF CREDIT FOR INSTALLATION OF PUBLIC IMPROVEMENTS
FOR EXETER SECTION 12
WHEREAS, Council Resolution #90-272 approved a letter of credit from 1st American Bank in
the amount of $141,775.00 as security to guarantee installstion 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 12; and
WHEREAS, Richmond American Homes of Virginia, Inc., the owner of Exeter Section 12, has
presented a corporate surety bond from American Motorists Insurance Company (Kemper Insurance) in
the amount of $141,775.00 to replace the approved letter of credit and is requesting approval of the new
perform-nce 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 $141,775.00 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.
is hereby released.
PASSED this
Letter of Credit No. 8256 from 1st American Bank in the amount of $141,775.00
28th day of April
Clerk of Council
,1992.
Robert E. Sevil~ l~Iayor
Town of Leesburg