HomeMy Public PortalAbout2000_03_14_r049The Town of
Leesburg,
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PRESENTED March 14, 2000
RESOLUTION NO. 2000-t, 9 ADOPTED March 14, 2000
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN MEAD HILL
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Mead Hill and certified that the value of work performed is
$249,899.20; and
WHEREAS, a corporate surety bond from the Seaboard Surety Company in the amount of
$380,972.68 was provided by the developer and approved by the Council to guarantee installation of
public improvements in Mead Hill; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Mead Hill.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Seaboard Surety Company in the amount of
$380,972.68 is reduced to $131,073.48.
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 Mead Hill.
PASSED this 144 day of March 2000.
ATTEST:
~lbr'k- o¢ouncil
R:MeadHillReduction
J . Clem, Mayor
Town of Leesburg