HomeMy Public PortalAbout1997_10_28_R250The Town of
Leesburg,
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PRESENTED October 28, 1997
RESOLUTION NO. 97-250 ADOPTED October 28, 1997
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN OLD WATERFORD KNOLL
SECTION 2B
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Old Waterford Knoll Section 2B and certified that the value of work
performed is $211,971.00; and
WHEREAS, a corporate surety bond in the amount of $252,234.13 from the United States Fidelity
& Guaranty Company was provided by the developer and approved by the Council to guarantee of public
improvements for Old Waterford Knoll Section 2B.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the United States Fidelity & Guaranty Company in
the amount of $252,234.13 is reduced to $40,263.13.
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 Old Waterford Knoll Section 2B.
PASSED this 28th day of October ,1997.
Clerk of Council
Ja es~E~. Clem, Mayor~
Town of Leesburg
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