HomeMy Public PortalAbout1994_01_11_R007The Town of
Leesburg,
Virginia
RESOLUTION NO. 94-7
A RESOLUTION:
PRESENTED January 11, 1994
ADOPTED January 11, 1994
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN GREENWAY FARMS
SECTION lA
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January , 199&.
·Clem, Mayor
Town of Leesburg
ATTEST:
Clerk of Council
PASSED this 11 t h day of
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Greenway Farms Section lA and certified that the value of work
performed is $209,600.00; and
WHEREAS, a corporate surety bond in the amount of $262,000.00 from the American Home
Assurance Company provided by the developer and approved by the Council to guarantee installation
of public improvements for Greenway Farms Section iA.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond in the amount of $262,000.00 is reduced to $52,400.00.
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 Greenway Farms Section A.