HomeMy Public PortalAbout1995_06_27_R146 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED June 27 ~ 1995
95-146 ADOPTED June 27 ~ 1995
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN THE TOWNES OF
VANDERBILT
the contract for public improvements for the Townes of Vanderbilt.
PASSED this _22.t.h_ day of June
_~EST:
Clerk of Council
, 1995.
oomweS E. Clem, Mayor
n of Leesburg
R:vanderblt.res
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in the Townes of Vanderbilt and certified that the value of work
performed is $52,688.10; and
WHEREAS, a letter of credit in the amount of $89,073.70 from the Washington Savings Bank
was provided by the developer and approved by the Council to guarantee installation of public
improvements for the Townes of Vanderbilt.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from the Washington Savings Bank in the current amount of
$89,073.70 is reduced by $52,688.10 to $36,385.60.
SECTION II. The Town Manager shall notify the developer that liability for the letter of credit
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