HomeMy Public PortalAbout1992_05_26_R074The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
92-74
AUTHORIZING A TIME
IMPROVEMENTS AND
Pi%EME~D May 26: 1992
ADOPTED May 26~ 1992
EXTENSION FOR INSTALLATION OF PUBLIC
APPROVING A SUBSTITUTE PERFORMANCE
GUARANTEE AND RELEASING A LETTER OF CREDIT FOR EXETER
SECTION 10
WHEREAS, Pulte Home Corporation, the developer of Exeter Section 10, has not completed all
the required public improvements in accordance with the approved construction drawings and town
standards within the two year period agreed to in the contract for public improvements; and
WHEREAS, the developer has requested a one (1) year time extension to complete the public
improvements; and
WHEREAS, letter of credit number 8120 in the amount of $173,234.24 from 1st American Bank
was provided by the developer to guarantee the inst~llation of public improvements in Exeter Section 10;
and
WHEREAS, Pulte Home Corporation has presented a letter of credit from Nations Bank in the
amount of $173,234.24 to replace the approved letter of credit from 1st American Bank and has requested
approval of the new performance guarantee and release of the letter of credit from 1st American Bank.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. A time extension of one year for the installation of public improvements is hereby
approved for Exeter Section 10.
SECTION II. The letter of credit from Nations Bank in the amount of $173,234.24 is approved
to replace the letter of credit from 1st American Bank to guarantee the instsll~tion of public improvements
in Section 10.
A RESOLUTION:
-2-
AUTHORIZING A TIME EXTENSION FOR INSTALL&TION OF PUBLIC
IMPROVEMENTS AND APPROVING A SUBSTITUTE PERFORMANCE
GUARANTEE AND RELEASING A LETTER OF CREDIT FOR EXETER
SECTION 10
SECTION Ill.
is hereby released.
PASSED tiffs
Letter of Credit No. 8120 from 1st American Bank in the amount of $173,234.24
26th day of May
ATTEST:
Clerk of Council
,1992.
Robert E. Sevila, Mayor
Town of Leesburg
exel0.res