HomeMy Public PortalAbout1999_05_11_r135The Town of
Leesburg,
Virginia
PRESENTED May 11, 1999
RESOLUTION NO. 99-135 ADOPTED May 11, 1999
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION
SECTION 2EF
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Station Section 2EF and certified that the value of work
performed is $85,651.11; and
WHEREAS, a corporate surety bond in the amount of $95,167.60 from Frontier Insurance
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for Potomac Station Section 2EF.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from Frontier Insurance Company in the amount of
$95,167.60 is' reduced to $9,516.79.
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 Station Section 2EF.
PASSED this 11th day of May, 1999.
~lerk of Council
Jflflnes E. Clem, Mayor
Town of Leesburg
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