HomeMy Public PortalAbout1998_05_26_R123The Town of
Leesburg,
Virginia
RESOLUTION NO. 98-123
A RESOLUTION:
PRESENTED May 26, 1998
ADOPTED May 26, 1998
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN WOODLEA MANOR PHASE 4
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Woodlea Manor Phase 4 and certified that the value of work performed
is $1,234,829.48; and
WHEREAS, a corporate surety bond in the amount of $1,372,032.75 from Safeco Insurance
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for Woodlea Manor Phase 4.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from Safeco Insurance Company in the amount of
$1,372,032.75 is reduced to $137,203.27.
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 Woodlea Manor Phase 4.
PASSED this 26th day of May, 1998.
Clerk of Council
R:wdleaph4
James E. Clem, Mayor
Town of Leesburg