HomeMy Public PortalAbout1998_02_10_R039The Town of
Leesburg,
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RESOLUTION NO.
A RESOLUTION:
PRESENTED February 10, 1998
ADOPTED February 10, 1998
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED 1N WOODLEA HILLS
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Woodlea Hills and certified that the value of work performed is
$65,509.40; and
WHEREAS, a letter of credit in the amount of $127,814.50 from Virginia First Savings Bank
was provided by the developer and approved by the Council to guarantee installation of public
improvements for Woodlea Hills.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Virginia First Savings Bank in the amount of $127, 814.50
is reduced to $62,305.10.
SECTION II. The Town Manager shall notify the developer that liability for 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 Woodlea Hills.
PASSED this l0th day of February, 1998.
Clerk of Council
James E. Clem, Mayor
Town of Leesburg
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