HomeMy Public PortalAbout1992_12_08_R245 The Town of
Leesburg,
Virginia
RESOLUTION NO.
92-245
A RESOLUTION: MAKING A REDUCTION OF THE
PRESENTED December 8, 1992
ADOPTED December 8. 1992
PERFORMANCE GUARANTEE FOR
PUBhlC IMPROVEMENTS INSTALLATION IN EXETER SECTION 5
the town's Director of Engineering and Public Works has reviewed the public
day of December , 1992.
James E. Clem, Mayor
Town of Leesburg
ATTEST:
r:exeter.5
PASSED this 8 t h
WHEREAS,
improvements installed to date in Exeter Section 5 and certified that the value of work performed exceeds
$1,286,430.00; and
WHEREAS, a corporate surety bond form American Motorists Insurance Company in the current
amount of $517,047.00 has been provided by the developer and approved by the Council to guarantee
installation of public improvements for Exeter Section 5; and
WHEREAS, the performance guarantee for Exeter Section 5 was reduced to $517,047.00 from the
initial amount of $1,715,436.00 by Resolutions 91-196, 92-37, and 92-120.
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 $517,047.00 is reduced to $429,006.00.
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.