HomeMy Public PortalAbout1999_02_23_r042The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED February 23, 1999
99-42 ADOPTED February 23, 1999
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN GREENWAY FARM SECTION
7
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Greenway Farm Section 7 and certified that the value of work
performed is $355,991.13; and
WHEREAS, a corporate surety bond in the amount of $395,545.70 from the American Home
Assurance Company was provided by the developer and approved by the Council to guarantee
installation of public improvements for Greenway Farm Section 7.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the American Home Assurance Company in the
amount of $395,545.70 is reduced to $39,554.57.
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 Greenway Farm Section 7.
PASSED this 23rd day of February, 1999.
nownes Clem, Mayor
E.
of Leesburg
Clerk of Council
R:grnfrm7