HomeMy Public PortalAbout1992_07_14_R120The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED July 14, 1992
92-120 ADOPTED July 14, 1992
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLATION IN EXETER SECTION 5
PASSED this 14th
ATTEST:
Clerk of Council
r:exeter.5
day of July , 1992.
E. Clem, Mayor
Town of Leesburg
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Section 5 and certified that the value of work performed
exceeds $1,198,398.00; and
WHEREAS, a corporate surety bond from American Motorists Insurance Company in the
current amount of $792,773.00 has been provided by the developer and approved by the Council to
guarantee installation of public improvements for Exeter Section 5;
WHEREAS, the performance guarantee for Exeter Section 5 was reduced to $792,773.00 from
the initial amount of $1,715,436.00 by Resolutions 91-196 and 92-37.
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 in the
amount of $792,773.00 is reduced to $517,047.00.
SECTION II. The Town Manager shall notify the developer that liability for the corporate
surety bond has been reduced as outlined in Section I of this resolution, and that this reduction does
not constitute acceptance of public improvements by the town or relieve the developer of responsibilities
outlined in the contract for public improvements for Exeter Section 5.