HomeMy Public PortalAbout1997_06_24_R161The Town of
Leesburg,
rg nta
RESOLUTION NO.
A RESOLUTION:
PRESENTED June 2/4, 1997
97-161 ADOPTED June 2/4, 1997
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR PUBLIC
IMPROVEMENTS INSTALLED IN EXETER HILLS SECTION 5B
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Hills Section 5B and certified that the value of work performed is
$815,197.62; and
WHEREAS, a corporate surety bond in the amount of $938,537.00 from The American Insurance
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for Exeter Hills Section 5B.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond issued by The American Insurance Company in the amount of
$938,527.00 is reduced to $123,339.38.
SECTION II. The Town Manager shall notify the developer that liability for the letter of credit 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 Exeter Hills Section 5B.
PASSED this 2/4th day of June ,1997.
AT~EST:
Clerk of Council
T//~oweS E. Clem, Mayor n of Leesburg
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