HomeMy Public PortalAbout1998_03_24_R080 The Town of
Leesburg,
Virginia
RESOLUTION NO. 98- 80
A RESOLUTION:
MAKING A REDUCTION OF
PUBLIC IMPROVEMENTS
SECTION 2AB- 1
PRESENTED March 24, 1998
ADOPTED March 24, 1998
THE PERFORMANCE GUARANTEE FOR
INSTALLED IN POTOMAC STATION
R:ptst2AB 1
J~es E. Clem, Mayor
Town of Leesburg
ATTEST:
Clerk of Council
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Station Section 2AB-1 and certified that the value of work
performed is $64,551.34; and
WHEREAS, a corporate surety bond in the amount of $80,689.18 from the Frontier Insurance
Company was provided by the developer and approved by the Council to guarantee of public
improvements for Potomac Station Section 2AB-1.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Frontier Insurance Company in the amount of
$80,689.18 is reduced to $16,137.84.
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 Potomac Station Section 2AB-1.
PASSED this 24th day of March, 1998.