HomeMy Public PortalAbout1999_05_25_r153The Town of
Leesburg,
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RESOLUTION NO.
PRESENTED May 25, 1999
99-153 ADOPTED May 25, 1999
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN EXETER HILLS SECTION 6A
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in the Exeter Hills Subdivision Section 6A and certified that the value of
work performed is $746,456.49; and
WHEREAS, a corporate surety bond in the amount of $829,396.10 from the Amwest Surety
Insurance Company was provided by the developer and approved by the Council to guarantee installation
of public improvements for Exeter Hills Section 6A.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Amwest Surety Insurance Company in the
amount of $829,396.10 is reduced to $82,939.61.
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 Exeter Hills Subdivision Section 6A.
PASSED this 25th day of May, 1999.
Clerk of Council
R:exehls6A
Jal~es E. Clem, Mayor
Town of Leesburg