HomeMy Public PortalAbout1996_11_26_R258 The Town of
Leesburg,
Virginia
PRESENTED November 26, 1996
RESOLUTION NO. 96-258 ADOPTED November 26, 1996
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN KINCAID FOREST SECTION 9D
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Kincaid Forest Section 9D and certified that the value of the work performed
is $159,313.00; and
WHEREAS, a corporate surety bond in the amount of $208,242.87 from the American Motorists
Insurance Company was provided by the developer and approved by the Council to guarantee installation of
public improvements for Kincaid Forest Section 9D.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the American Motorists Insurance Company in the
amount of $208,242.87 is reduced to $48,929.87.
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 Kincaid Forest Section 9D.
PASSED this 26th day of Iqovember , 1996.
AT-~'EST: . , ,
Clerk bf Cou~ci~ ~
J/2fmes E. Clem, Mayor
/Town of Leesburg
R:kincd9D. res