HomeMy Public PortalAbout2000_07_11_r134The Town of
eesburg,
Mrginia
PRESENTED July 11, 2000
RESOLUTION NO. 2000-~3~, ADOPTED July 11, 2000
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN EXETER HILLS SECTION 7A
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Hills Section 7A and certified that the value of work performed
is $559,160.00; and
WHEREAS, a corporate surety bond from the Amwest Surety Insurance Company in the amount
of $656,000.00 was provided by the developer and approved by the Council to guarantee installation of
public improvements in Exeter Hills Section 7A; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Exeter Hills Section 7A.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Amwest Surety Insurance Company in the
amount of $656,000.00 is reduced to $96,840.00.
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 Exeter Hills Section 7A.
PASSED this 11t~ day of July 2000.
ATTEST:
~er~ of Council'
Town of Leesburg
R:ExeHlls7ARed