HomeMy Public PortalAbout1992_12_08_R246 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED December 8, 1992
92-246 ADOPTED December 8, 1992
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTAI.LATION IN EXETER SECTION 9
PASSED this 8th
ATTEST:
Clerk of Oouneil
r:exeter.9
day of December , 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 9 and certified that the value of work performed is
$1,224,734.00; and
WHEREAS, a corporate surety bond form American Motorists Insurance Company in the current
amount of $713,367.00 has been provided by the developer and approved by the Council to guarantee
installation of public imprOVements for Exeter Section 9; and
WHEREAS, the performance guarantee for Exeter Section 9 was reduced to $713,367.00 from the
initial amount of $1,566,803.00 by Resolutions 91-198, and 92-122.
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 $713,367.00 is reduced to $342,069.00.
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 9.