HomeMy Public PortalAbout1995_07_25_R162The Town of
Leesburg,
.rg ma
RESOLUTION NO. 95-162
A RESOLUTION:
APPROVING A SUBSTITUTE
LEESBURG PARK
PRESENTED
ADOPTED
PERFORMANCE
July 25~ 1995
July 25, 1995
GUARANTEE FOR
Clerk of Council '
urg
R:leespk.res
Leesburg Park.
SECTION II.
PASSED this
Section III of Resolution #95-156 is hereby rescinded.
25th day of July ,1995.
WHEREAS, Council Resolution #95-156 approved a corporate surety bond from the
Westchester Fire Insurance Company in the amount of $537,941.80 as security to guarantee installation
of public improvements, as shown on plans approved by the Director of Engineering and Public Works;
and
WHEREAS, Pence-Friedel Developers, Inc., the owner of Leesburg Park, now wishes to provide
a corporate surety bond from the Liberty Mutual Insurance Company in place of the corporate surety
bond from the Westchester Fire Insurance Company and is requesting approval of the new performance
guarantee; and
WHEREAS, the Director of Finance has approved the financial standing of Liberty Mutual.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond in a form approved by the town attorney from the
Liberty Mutual Insurance Company in the amount of $537,941.80 is approved in place of the corporate
surety bond from the Westchester Fire Insurance Company as security to guarantee installation of the
public improvements shown on the plans approved by the Director of Engineering and Public Works for