HomeMy Public PortalAbout1995_03_28_R063The Town of
Leesburg,
rg ma
RESOLUTION NO.
A RESOLUTION:
PRESENTED Harch 28~ 1995
95-63 ADOPTED Hatch 28~ 1995
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN STONEGATE CHANNEL
IMPROVEMENTS
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in the Stonegate Channel Improvements and certified that the value of
the work performed is $99,264.00; and
WHEREAS, a corporate surety bond in the amount of $124,080.00 from American Home
Assurance Company was provided by the developer and approved by the Council to guarantee installation
of public improvements for the Stonegate Channel Improvements.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from American Home Assurance Company in the
amount of $124,080.00 is reduced to $24,816.00.
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 the Stonegate Channel Improvements.
PASSED this 28th day of March , 1995.
· Clem, Mayor
Leesburg
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