HomeMy Public PortalAbout1996_05_28_R103 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED May 28~ 1996
96-103 ADOPTED May 28~ 1996
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN EXETER SECTION 7
the town's Director of Engineering and Public Works has reviewed the public
. Clem, Mayor
Leesburg
R:exeter7.res
WHEREAS,
improvements stalled to date in Exeter Section 7 and certified that the value of work performed is
$773,688.60; and
WHEREAS, a letter of credit in the amount of $1,048,311.00 from NationsBank was provided
by the developer and approved by the Council to guarantee installation of public improvements for
Exeter Section 7.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from NationsBank in the amount of $1,048,311.00 is reduced
to $274,622.40; and
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
the contract for public improvements for Exeter Section 7.
PASSED this 28th day of May ,1996.