HomeMy Public PortalAbout1999_05_11_r139 The Town of
Leesburg,
- Virginia
PRESENTED May 11, 1999
RESOLUTION NO. 99-139 ADOPTED May 11, 1999
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION
SECTION 6EFG
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Station Section 6EFG and certified that the value of work
performed is $270,623.43; and
WHEREAS, a corporate surety bond in the mount of $300,692.70 from American Motorists
Insurance Company was provided by the developer and approved by the Council to guarantee installation
of public improvements for Potomac Station Section 6EFG.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from American Motorists Insurance Company in the
amount of $300,692.70 is reduced to $30,069.27.
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 6EFG.
PASSED this 11th day of May, 1999.
~ST: ,-
Clerk of Council
J~l~es E. Clem, Mayor
Town of Leesburg
R:potomacStation6EFG