HomeMy Public PortalAbout1996_01_23_R015The Town
Leesburg,
rg ma
RESOLUTION NO.
A RESOLUTION:
PRESENTED January 23 ~ 1996
96-15 ADOPTED January 23, 1996
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN PAXTON SECTION 5
ATTEST:
Clerk of Council
R:paxsec5.res
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Paxton Section 5 and certified that the value of work performed is
$447,516.00; and
WHEREAS, a corporate surety bond in the amount of $530,229.00 from Seaboard Surety was
provided by the developer and approved by the Council to guarantee installation of public improvements
for Paxton Section 5.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from Seaboard Surety Company in the amount of
$530,229.00 is reduced to $82,713.00.
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 Paxton Section 5.
PASSED this 23rd day of January , 1996.
oweS E. Clem, Mayor
n of Leesburg