HomeMy Public PortalAbout1996_08_13_R173The Town of
Leesburg,
rg ma
RESOLUTION NO.
A RESOLUTION:
96-173
PRESENTED August 13, 1996
ADOPTED August 13, 1996
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN OLD WATERFORD KNOLL
SECTION I
ATTEST:
Clerk of Council
R:oldwtrknl.res
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Old Waterford Knoll Section I and certified that the value of work
performed is $1,016,521.20; and
WHEREAS, a corporate surety bond in the amount of $1,129,468.00 from the Frontier Insurance
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for Old Waterford Knoll Section I.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Frontier Insurance Company in the amount
of $1,129,468.00 is reduced to $112,946.80.
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 Old Waterford Knoll Section I.
PASSED this 13th day of August , 1996.
· Clem, Mayor
f Leesburg