HomeMy Public PortalAbout1997_10_28_R252 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED October 28, 1997
97-252 ADOPTED October 28, 1997
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN TOWNES OF VANDERBILT
SECTION 3
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Townes of Vanderbilt Section 3 and certified that the value of work
performed is $51,866.89; and
WHEREAS, a letter of credit in the amount of $110,863.04 from The Washington Savings Bank
was provided by the developer and approved by the Council to guarantee of public improvements for
Townes of Vanderbilt Section 3.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from The Washington Savings Bank in the amount of
$110,863.04 is reduced to $58,996.16.
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 Townes of Vanderbilt Section 3.
PASSED this 28th day of October ,1997.
urg
Clerk of Council
R:townes3