HomeMy Public PortalAbout1997_03_11_R057 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
97-57
MAKING A REDUCTION OF THE PERFORMANCE
PUBLIC IMPROVEMENTS INSTALLED IN TOWNES
SECTION I
PRESENTED March !1, 1997
ADOPTED March 11, 1997
GUARANTEE FOR
OF VANDERBILT
town's Director of Engineering and Public Works has reviewed the public
R:townesI.res
Clerk of Council
~ames E. Clem, Mayor Town of Leesburg
PASSED this llth day of March , 1997.
WHEREAS, the
improvemems installed to date in the Townes of Vanderbilt Section I and certified that the value of work
performed is $18,192.80; and
WHEREAS, a letter of credit in the amoum of $89,073.70 from the Washington Savings Bank was
provided by the developer and approved by the Council to guarantee installation of public improvemems for
the Townes of Vanderbilt Section I, and this letter of credit was reduced to $36,385.60 by Resolution//95-146
adopted June 27, 1995.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from the Washington Savings Bank in the currem amoum of
$36,385.60 is reduced to $18,192.80.
SECTION II. The Town Manager shall notify the developer that liability for the letter of credit has
been reduced as outlined in Section I of this resolution and that this reduction does not constitute acceptance
of public improvemems by the town or relieve the developer of responsibilities outlined in the comract for
public improvemems for the Townes of Vanderbilt Section I.