HomeMy Public PortalAbout1994_03_08_R047 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED March 8, 1994
94-47 ADOPTED March 8, 1994
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN EXETER SECTION 6
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Section 6 and certified that the value of work performed is
$670,502.53; and
WHEREAS, a letter of credit from NationsBank in the amount of $838,128.17 has been provided
by the developer and approved by the Council to guarantee installation of public improvements in Exeter
Section 6.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from NationsBank in the amount of $838,128.17 is reduced
to $167,625.63.
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 6.
PASSED this 8th day of
ATTEST:
Clerk of Cbunc}l (J
March , 1994.
Clem, Mayor
Town of Leesburg
R:exeter6.red