HomeMy Public PortalAbout1992_09_22_R177The Town of
Leesburg,
rg nta
RESOLUTION NO.
A RESOLUTION:
92-177
PRESENTED September 22~ 1992
ADOPTED September 22, 1992
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTA!,I,ATION AT THE PAXTON SEWAGE
PUMPING STATION
Town of Leesburg
ATTEST:
Clerk of Council
r:paxton.sps
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date at the Paxton Sewage Pumping Station and certified that the value of
work performed exceeds $101,040.00; and
WHEREAS, a letter of credit from Farmers and Merchants National Bank, confirmed by Crestar
Bank, in the amount of $126,300.00 has been provided by the developer and approved by the Council
to guarantee installation of public improvements for the Paxton Sewage Pumping Station.
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 $126,300.00 is reduced to $25,260.00.
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 Sewage Pumping Station.
PASSED this 22nd day of S.eprember , 1992.