HomeMy Public PortalAbout1994_02_22_R034The Town of
Leesburg,
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RESOLUTION NO.
A RESOLUTION:
PRESENTED February 22. 1994
94-34 ADOPTED February 22, 1994
MAKINGA REDUCTION OF THE PERFORMANCEGUARANTEE FOR
PUBLIC IMPROVEMENTSINSTALLED IN EXETER SECTION 5
PASSED this 22nd day of February , 1994.
ATTEST:
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~/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 5 and certified that the value of work performed is
$85,919.00; and
WHEREAS, a corporate surety bond form the American Motorist Insurance Company in the
current amount of $429,006.00 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 $429,006.00 from
the initial amount of $1,715,436.00 by Resolutions 91-196, 92-37, 92-120 and 92-245.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the American Motorist Insurance Company in
the current amount of $429,006.00 is reduced to $343,087.00.
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.