HomeMy Public PortalAbout1999_11_09_r337The Town of
Leesburg,
Virginia
PRESENTED November 9, 1999
RESOLUTION NO. 99- 337 ADOPTED November 9, 1999
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A
SUBSTITUTE GUARANTEE FOR POTOMAC STATION SECTION 5
AND RELEASING THE CORPORATE SURETY BOND FROM
GOOSE CREEK COMMUNITIES, L.L.C.
WHEREAS, Council Resolution #98-18 approved a corporate surety bond from the
Frontier Insurance Company in the amount of $200,766.50 as security to guarantee installation
of public improvements by Goose Creek Communities, L.L.C., as shown on plans approved by
the Director of Engineering and Public Works for Potomac Station Section 5; and
WHEREAS, Engle Homes/Virginia, Inc., the new owner of Potomac Station Section 5
has requested to replace the previously approved corporate surety bond with its corporate surety
bond from the Reliance Insurance Company and is requesting approval of same; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a
contract and acceptance of the corporate surety bond from the Reliance Insurance Company.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The manager shall execute a contract for public improvements with Engle
Homes/Virginia, Inc., for the improvements shown on plans approved by the Director of
Engineering and Public Works for Potomac Station Section 5.
SECTION II. The substitute corporate surety bond from the Reliance Insurance
Company provided by Engle Homes/Virginia, Inc., in the amount of $200,766.50 in a form
approved by the Town Attorney is approved.
A RESOLUTION:
-2-
AUTHORIZING AN AGREEMENT AND APPROVING A
SUBSTITUTE PERFORMANE GUARANTEE FOR POTOMAC
STATION SECTION 5 AND RELEASING THE CORPORATE SURETY
BOND FROM GOOSE CREEK COMMUNITIES, L.L.C.
SECTION III. The corporate surety bond from the Frontier Insurance Company provided
by Goose Creek Communities, L.L.C., in the amount of $200,766.50 is released contingent upon
approval by the Town Attorney of the substitute corporate surety bond from the Reliance
Insurance Company provided by Engle Homes/Virginia, Inc.
PASSED this 9tI-I day of November, 1999.
Clerk of Council
Jffmes E. Clem, Mayor
Town of Leesburg
R:PotStaSec5