HomeMy Public PortalAbout1992_08_11_R158The Town of
Leesburg,
rgtnta
RESOLUTION NO.
A RESOLUTION:
PRESENTED August 11~ 1992
92-1~R ADOPTED August 11, 1992
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLATION IN PAXTON SECTION 2
ATTEST:
Clerk of Council
r. paxton.se2
ames 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 Paxton Section 2 and crucified that the value of work performed is
$150,373.28; and
WHEREAS, a letter of credit from Farmers and Merchants National Bank, confirmed by Crestar
Bank, in the amount of $187,966.60 has been provided by the developer and approved by the Council
to guarantee installation of public improvements for Paxton Section 2.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Farmers and Merchants National Bank, confirmed by
Crestar Bank, in the amount of $187,966.60 is reduced to $37,593.32.
SECTION II. The Town Manager shall notify the developer that liability for the letter of
credit 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 Paxton Section 2.
PASSED this llth day of August , 1992.