HomeMy Public PortalAbout1998_09_08_R195The Town o~
Leesburg,
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RESOLUTION NO. 9 8-19 5
A RESOLUTION:
PRESENTED September 8, 1998
ADOPTED September 8, 1998
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN OLD WATERFORD KNOLL
SECTION 3
PASSED this 8t__h.h day of September, 1998.
Clerk of Council
jaflffes E. Clem, Mayor
Town of Leesburg
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WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Old Waterford Knoll Section 3 and certified that the value of work
performed is $263,681.64; and
WHEREAS, a corporate surety bond in the amount of $2,077,543.82 from the United States
Fidelity & Guaranty Company was provided by the developer and approved by the Town Council to
guarantee installation of public improvements for Old Waterford Knoll Section 3, and this corporate
surety was reduced to $471,436.02 by Resolution #97-261 adopted November 12, 1997.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the United States Fidelity & Guaranty Company in
the amount of $471,436.02 is reduced to $207,754.38.
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 the 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 Old Waterford Knoll Section 3.