HomeMy Public PortalAbout1995_06_13_R120 The Town of
Leesburg,
V]rginia
PRESENTED June 13, 1995
RESOLUTION NO. 95-120 ADOPTED June 13~ 1995
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST SECTION
9C
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Kincaid Forest Section 9C and certified that the value of the work
performed is $187,000.00; and
WHEREAS, a corporate surety bond in the amount of $242,351.84 from the American Motorist
Insurance Company was provided by the developer and approved by the Council to guarantee installation
of public improvements for Kincaid Forest Section 9C.
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
amount of $242,351.84 is reduced to $55,351.84.
SECTION II. The Town Manager shall notify the developer that liability for the 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 Kincaid Forest Section 9C.
PASSED this 13th day of June
ATTEST:
Clerk of Council
, 1995.
oweSE. Clem,
Mayor
n of Leesburg
R:kincd9c.res