HomeMy Public PortalAbout1995_01_24_R016The Town of
Leesburg,
rg ma
RESOLUTION NO.
A RESOLUTION:
PRESENTED January 24, 1995
95-16 ADOPTED January 24, 1995
MAKINGA REDUCTION OF THE PERFORMANCEGUARANTEE FOR
PUBLIC IMPROVEMENTSINSTALLED IN PAXTON SECTIONS 3 & 4
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Paxton Sections 3 & 4 and certified that the value of work performed
is $441,189.00; and
WHEREAS, a corporate surety bond in the amount of $551,486.00 from the Seaboard Surety
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for Paxton Sections 3 & 4.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Seaboard Surety Company in the amount of
$551,486.00 is reduced to $110,297.00.
SECTION II. The Town Manager shall notify the developer that liability for corporate surety
bond funds 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 Paxton Sections 3 & 4.
PASSED this 24th day of January
, 1995.
· Clem, Mayor
Town of Leesburg
ATTEST:
C1--~rk of Council
R:pax3&4.res