HomeMy Public PortalAbout1994_01_11_R006The Town of
Leesburg,
.rg ma
RESOLUTION NO.
A RESOLUTION:
PRESENTED
94- 6 ADOPTED
APPROVING A SUBSTITUTE PERFORMANCE
FORT BEAUREGARD TOWNHOUSES
Jan,tory 11~ 1994
January 11~ 1994
GUARANTEE FOR
ATTEST:
Clerk of Counc|l
R:fibeau.res
lem, Mayor
Town of Leesburg
PASSED this llth day of January , 1994.
WHEREAS, Council Resolution #92-55 approved a letter of credit from Crestar Bank as security
to guarantee installation of public improvements by Farmers and Merchants National Bank of Hamilton
for the Fort Beauregard Townhouses; and
WHEREAS, On September 18, 1993, Farmers and Merchants National Bank of Hamilton ceased
operation and all of its assets were sold to F & M Bank - Winchester; and
WHEREAS, the town has received a request from the new owner F & M Bank - Winchester
asking the town's approval to replace the letter of credit issued by Crestar Bank with a letter of credit
from F & M Bank of Harrisonburg, Virginia; and
WHEREAS, the Director of Finance has approved the financial standing of F & M Bank of
Harrisonburg.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
The letter of credit from F & M Bank of Harrisonburg in the amount of $67,500.48 to guarantee
the installation of public improvements for the Fort Beauregard Townhouses is approved and the letter
of credit from Crestar Bank is hereby released.