HomeMy Public PortalAbout1997_08_12_R204 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED August 12, 1997
97-204 ADOPTED August 12, 1997
MAK1NG A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLICIMPROVEMENTSINSTALLED1NEXETER FIRST ADDITION
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter First Addition and certified that the value of the work performed
is $359,380.00; and
WHEREAS, a corporate surety bond in the amount of $467,995.99 from the American Motorists
Insurance Company was provided by the developer and approved by the Council to guarantee installation
of public improvements for Exeter First Addition.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the American Motorists Insurance Company in the
amount of $467,995.99 is reduced to $108,616.00.
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 Exeter First Addition.
Clerk of Council
PASSED this 12th dayof
August ,1997.
lem, Mayor
esburg
R:exaddred