HomeMy Public PortalAbout1992_07_14_R121The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED July 14, 1992
92-121 ADOPTED July 14, 1992
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTAI,LATION IN EXETER SECTION 8
outlined in the contract for public improvements for Exeter Section 8.
PASSED this 16th
ATTEST:
Clerk of Council
r:exeter.8
day of July , 1992.
,James 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 8 and certified that the value of work performed
exceeds $471,510.00; and
WHEREAS, a corporate surety bond from American Motorists Insurance Company in the
current amount of $191,808.00 has been provided by the developer and approved by the Council to
guarantee installation of public improvements for Exeter Section 8;
WHEREAS, the performance guarantee for Exeter Section 8 was reduced to $191,808.00 from
the initial amount of $589,388.00 by Resolutions 91-45 and 91-197.
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 $191,808.00 is reduced to $117,878.00.
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