HomeMy Public PortalAbout1997_05_27_R121The Town of
Leesburg,
.rg nla
RESOLUTION NO.
A RESOLUTION:
PRESENTED May 27 ~ 1997
97-121 ADOPTED May 27, 1997
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN OLD WATERFORD KNOLL
SECTION 2A
Ja s~E.~Clem, Mayor
T/own of Leesburg
/~EST:
Clerk of Council
R:oldwtr2A
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements recently installed in Old Waterford Knoll Section 2A and certified that the value of the work
performed is $132,089.00; and
WHEREAS, a corporate surety bond in the amount of $1,173,587.00 from United States Fidelity
and Guaranty Company was provided by the developer and approved by the Council to guarantee
installation of public improvements for Old Waterford Knoll Section 2A, and this corporate surety was
reduced to $390,500.00 by Resolution #97-46 adopted February 25, 1997.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from United States Fidelity and Guaranty Company in
the current amount of $390,500.00 is reduced to $258,461.00.
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 in Old Waterford Knoll Section 2A.
PASSED this 27th day of Nay ,1997.