HomeMy Public PortalAbout1995_04_25_R084 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED April 25. 1995
95-84 ADOPTED April 25~ 1995
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN EXETER SUBDIVSIION
SECTION 11
_,~mesmes IE. Clem, Mayor
Town of Leesburg
ATTEST:
Clerk of Council
R:exeterll.res
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Section 11 and certified that the value of work performed is
$975,200.00; and
WHEREAS, a letter of credit in the amount of $1,219,000.00 from the District of Columbia
Riggs National Bank, confirmed by Riggs National Bank of Virginia was provided by the developer and
approved by the Council to guarantee installation of public improvements for Exeter Section 11.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in. Virginia as follows:
SECTION I. The letter of credit from the District of Columbia Riggs National Bank, confirmed
by the Riggs National Bank of Virginia in the amount of $1,219,000.00 is reduced to $243,800.00.
SECTION II. The Town Manager shall notify the developer that liability for letter of credit
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 Exeter Section 11.
PASSED this 25th day of April ,1995.