HomeMy Public PortalAbout1996_10_08_R209The Town of
Leesburg,
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PRESENTED October 8, 1996
ADOPTED October 8, 1996
PASSED this 8th day of October
ATTEST:
Clerk of Council
, 1996.
J~es E. Clem, Mayor
/Town of Leesburg
R:exeter5A.res
RESOLUTION NO. 96-209
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN EXETER HILLS SECTION 5A
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Hills Section 5A and certified that the value of work performed is
$881,520.20; and
WHEREAS, the corporate surety bond in the amount of $1,052,212.00 from The American Insurance
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for Exeter Hills Section 5A.
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
$1,052,212.00 is reduced to $170,691.80.
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 Exeter Hills Section SA.