HomeMy Public PortalAbout2000_06_13_r104The Town of
Leesburg,
· ._ Virginia
RESOLUTION NO.
A RESOLUTION:
2000-104
APPROVING A SUBSTITUTE
WESTERN GATEWAY
PRESENTED June 13, 2000
ADOPTED June 13, 2000
PERFORMANCE GUARANTEE FOR
WHEREAS, Council Resolution #2000-50 adopted on March 14, 2000, approved a letter of
credit from Potomac Bank of Virginia as security to guarantee installation of public improvements as
shown on plans approved by the Director of Engineering and Public Works for Western Gateway; and
WHEREAS, Walnut Street Development has requested to replace the previously approved letter
of credit with a letter of credit in the mount of $27,219.50 from the Virginia Commerce Bank and is
requesting approval of the same; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a substitute
performance guarantee for Western Gateway.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The substitute letter of credit from the Virginia Commerce Bank in the amount
of $27,219.50 in a form approved by the town attorney is approved.
SECTION II. The letter of credit from the Potomac Bank of Virginia in the amount of
$27,219.50 is released contingent upon approval by the town attorney of the substitute letter of credit
from the~Virginia Commerce Bank.
PASSED this 13th day of June 2000.
ATTEST:
;~erk of Council
· Clem, Mayor
Leesburg
R:WesternGatewayChg