HomeMy Public PortalAbout1998_04_14_R095 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED April 14, 1998
98-95
ADOPTED April 14, 1998
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC CROSSING
SECTION 3B- 1
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Crossing Section 3B-1 and certified that the value of work
performed is $115,394.00; and
WHEREAS, a corporate surety bond in the amount of $150,615.00 from The American
Insurance Company was provided by the developer and approved by the Council to guarantee installation
of public improvements for Potomac Crossing Section 3B-1.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from The American Insurance Company in the amount
of $150,615.00 is reduced to $35,394.00.
SECTION II. The Town Manager shall notify the developer that liability for 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 Crossing Section 3B-1.
PASSED this 14th day of April, 1998.
ATTEST:
Clerk of Council
~es E. Clem, Mayor
Town of Leesburg
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