HomeMy Public PortalAbout1997_06_10_R133 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED June 10~ 1997
97-133 ADOPTED June 10~ 1997
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION
SANITARY SEWER OUTFALL LINE A
AT'ST:
Clerk of Council
R:potstaA
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Station Sanitary Sewer Outfall Line A and certified that the
value of work performed is $151,694.19; and
WHEREAS, a letter of credit in the amount of $168,549.10 from Mercantile Safe Deposit & Trust
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for Potomac Station Sanitary Sewer Outfall Line A.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Mercantile Safe Deposit & Trust Company in the amount
of $168,549.10 is reduced to $16,854.91.
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 Potomac Station Sanitary Sewer Outfall Line A.
PASSEDthis 10th day of June ., 1997.
J.~es E. Clem, Mayor
Town of Leesburg