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Home My Public Portal About1999_10_26_r326The Town of Leesburg, Virginia PRESENTED October 26, 1999 RESOLUTION NO. 99-326 ADOPTED October 26, 1999 A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A SUBSTITUTE GUARANTEE FOR EXETER HILLS SECTION 5B AND RELEASING THE CORPORATE SURETY BOND FROM K. HOVNANIAN AT EXETER HILLS, INC. WHEREAS, Council Resolution #96-189 approved a corporate surety bond from The American Insurance Company in the amount of $938,537.00 as security to guarantee installation of public improvements by K. Hovnanian at Exeter Hills, Inc., as shown on plans approved by the Director of Engineering and Public Works for Exeter Hills Section 5B; and WHEREAS, Council Resolution #97-161 approved a reduction of the corporate surety bond for Exeter Hills Section 5B to $123,339.38; and WHEREAS, Washington Homes, Inc., new owner of Exeter Hills Section 5B has requested to replace the previously approved corporate surety bond with its corporate surety bond from the Frontier Insurance Company and is requesting approval of same; and WHEREAS, the Director of Engineering and Public Works recommends approval of a one (1) year contract and acceptance of the corporate surety bond from Frontier Insurance Company. THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows: SECTION I. The manager shall execute a one (1) year contract for public improvements with Washington Homes, Inc., for the improvements shown on plans approved by the Director of Engineering and Public Works for Exeter Hills Section 5B. A RESOLUTION: -2- AUTHORIZING AN AGREEMENT AND APPROVING A SUBSTITUTE PERFORMANE GUARANTEE FOR EXETER HILLS SECTION 5B AND RELEASING THE CORPORATE SURETY BOND FROM K. HOVNANIAN AT EXETER HILLS, INC. SECTION II. The substitute corporate surety Company provided by Washington Homes, Inc., in the approved by the Town Attorney is approved. SECTION III. The corporate surety bond from The bond from the Frontier Insurance amount of $123,339.28 in a form American Insurance Company provided by K. Hovnanian at Exeter Hills, Inc., in the amount of $123,339.28 is released contingent upon approval by the Town Attorney of the substitute corporate surety bond from the Frontier Insurance Company provided by Washington Homes, Inc. PASSED this 26th day of October, 1999. es E. Clem, Mayor Town of Leesburg Clerk of Council R:exeterhillsSB