HomeMy Public PortalAbout1999_05_25_r158 The Town of
Leesburg,
Virginia
RESOLUTION NO. 99-158
A RESOLUTION:
PRESENTED May 25, 1999
ADOPTED May 25, 1999
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN STRATFORD PHASE B,
SECTION 1 & 3
PASSED this 25th day of May, 1999.
z&ff~S T:
Clerk of Council
R:strtfrdB l&3
J~es E. Clem, Mayor
Town of Leesburg
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Stratford Phase B, Section 1 & 3 and certified that the value of work
performed is $434,188.00; and
WHEREAS, a letter of credit in the mount of $850,626.00 from Virginia First Savings Bank
was provided by the developer and approved by the Council to guarantee installation of public
improvements for Stratford Phase B, Section 1 & 3.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from Virginia First Savings Bank in the amount of
$850,626.00 is reduced to $416,438.00.
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 Stratford Phase B, Section 1 & 3.