HomeMy Public PortalAbout1998_07_14_R163The Town of
Leesburg,
trg nta
RESOLUTION NO.
A RESOLUTION:
98-163
MAKING A REDUCTION OF THE
PUBLIC IMPROVEMENTS
SECTION 2B- 1
PRESENTED July 14, 1998
ADOPTED July 14, 1998
PERFORMANCE GUARANTEE FOR
INSTALLED IN POTOMAC CROSS1NG
WHEREAS, the town's Director of Engineering and Public works has reviewed the public
improvements installed to date in Potomac Crossing Section 2B-1 and certified that the value of the work
performed is $590,084.00; and
WHEREAS, a corporate surety bond in the amount of $720,029.00 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 2B-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 $720,029.00 is reduced to $129,945.00.
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 2B-1.
PASSED this 14th day of July, 1998.
ATTEST:
Clerk of Council
R:potcr2b I
James E. Clem, Mayor
Town of Leesburg