HomeMy Public PortalAbout1999_02_23_r044The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED February 23, 1999
99-44 ADOPTED February 23, 1999
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN SYCAMORE HILL PHASE I,
SECTION 1
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Sycamore Hill Phase I, Section 1 and certified that the value of work
performed is $16,686.11; and
WHEREAS, a letter of credit in the amount of $238,373.00 from The Ohio Savings Bank was
provided by the developer and approved by the Council to guarantee installation of public improvements
for Sycamore Hill Phase I, Section 1.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from The Ohio Savings Bank in the amount of $238,373.00 is
reduced to $221,686.89.
SECTION II. The Town Manager shall notify the developer that liability for letter of credit
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 Sycamore Hill Phase I, Section 1.
PASSED this 23rd day of February, 1999.
s E. Clem, Mayor
Town of Leesburg
Clerk of Council
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