HomeMy Public PortalAbout1999_03_10_r061The Town of
Leesburg,
Virginia
PRESENTED March 9, 1999
RESOLUTION NO. 99-61 ADOPTED March _191999
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN RIVER CREEK PHASE IV,
SECTION I LANDBAY "E"
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in River Creek Phase IV, Section 1 Landbay "E" and certified that the
value of work performed is $198,000.00; and
WHEREAS, a corporate surety bond in the amount of $220,000.00 from Fidelity & Deposit
Company of Maryland was provided by the developer and approved by the Council to guarantee
installation of public improvements for River Creek Phase IV, Section 1 Landbay "E".
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from Fidelity & Deposit Company of Maryland in the
amount of $220,000.00 is reduced to $22,000.00.
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 River Creek Phase IV, Section 1 Landbay "E".
PASSED thisl0th day of March, 1999.
Clerk of Council
R:rvcrkIVI
Jan~ .es E Clem, Mayor
Town of Leesburg