HomeMy Public PortalAbout1997_11_12_R261 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
97-261
PRESENTED November 12, 1997
ADOPTED November 12, 1997
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN OLD WATERFORD KNOLL
SECTION 3
J~ffes E. Clem, Mayor
Town of Leesburg
R:oldwtr3
Clerk of Council
PASSED this 12th day of November ., 1997.
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Old Waterford Knoll Section 3 and certified that the value of work
performed is $1,606,107.80; and
WHEREAS, a corporate surety bond in the amount of $2,077,543.82 from the United States
Fidelity & Guaranty Company was provided by the developer and approved by the Council to guarantee
installation of public improvements for Old Waterford Knoll Section 3.
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 $2,077,543.82 is reduced to $471,436.02.
SECTION II. The Town Manager shall notify the developer that liability for the corporate surety
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 3.