HomeMy Public PortalAbout1996_09_24_R198 The Town of
Leesburg,
[ Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED September 24, 1996
96-198 ADOPTED September 24~ 1996
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC CROSSING
STORMWATER MANAGEMENT/PUMP STATION
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Crossing Stormwater Management Pump Station and certified that
the value of work performed is $390,009.60; and
WHEREAS, a corporate surety bond in the amount of $433,344.00 from The American Insurance
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for Potomac Crossing Stormwater Management/Pump Station.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from The American Insurance Company in the amount of
$433,344.00 is reduced to $43,334.40.
SECTION II. The town manager shall notify the developer that liability for the corporate surety bond
funds 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 Potomac Crossing Stormwater Management/Pump Station.
PASSED this 24th day of September , 1996.
Clerk of Council
Ja¢ E. Clem, Mayor
Town of Leesburg
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