HomeMy Public PortalAbout1999_08_10_r250 The Town of
Leesburg,
Virginia
PRESENTED August 10, 1999
RESOLUTION NO. 99- 250 ADOPTED August 10, 1999
A RESOLUTION: APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR THE
DRY MILL TOWNHOUSE SUBDIVISION
WHEREAS, Council Resolution #96-263 approved a letter of credit from the Ohio Savings Bank
as security to guarantee installation of public improvements as shown on plans approved by the Director
of Engineering and Public WOrks for the Dry Mill Townhouse Subdivision; and
WHEREAS, KL Olde Towne, LLC has requested to replace the previously approved letter of
credit with a corporate surety bond in the amount of.$85,339.00 from the Amwest Surety Insurance
Company and is requesting approval of same.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The substitute corporate surety bond from the Amwest Surety Insurance
Company in the amount of $85,339.00 in a form approved by the town attorney is approved.
SECTION II. The letter of credit from the Ohio Savings Bank in the amount of $85,339.00 is
released contingent upon approval by the town attorney of the substitute corporate surety bond from the
Amwest Surety Insurance Company.
PASSED this l0th day of August, 1999.
R:drymillperfguar
Ja~es E. Clem, Mayor
Town of Leesburg