HomeMy Public PortalAbout1997_02_25_R046 The Town of
Leesburg,
i Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED Februnry 25: 1997
97-46 ADOPTED February 25, 1997
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN OLD WATERFORD KNOLL
SECTION 2A
PASSED this 25th day of
A~ST:
Clerk of Council
February , 1997.
J o~wens E. Clem, Mayor of Leesburg
R: oldwtr2A, res
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Old Waterford Knoll Section 2A and certified that the value of work
performed is $783,087.00; and
WHEREAS, a corporate surety bond in the amount of $1,173,587.00 from the United States Fidelity
& Guaranty Company was provided by the developer and approved by the Council to guarantee installation
of public improvements for Old Waterford Knoll Section 2A.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the United States Fidelity & Guaranty Company in the
amount of $1,173,587.00 is reduced to $390,500.00.
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 Old Waterford Knoll Section 2A.