HomeMy Public PortalAbout2001_04_10_r046
The Town of
T .eesburg,
. . .
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PRESENTED April 10, 2001
RESOLUTION NO. 2001-46
ADOPTED
April 10. 2001
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION
SECTION 5
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Station Section 5 and certified that the value of work
performed is $107,528.30; and
WHEREAS, a corporate surety bond from the Travelers Casualty and Surety Company of
America in the amount of $200,766.50 was provided by the developer and approved by the Council to
guarantee installation of public improvements in Potomac Station Section 5; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Potomac Station Section 5.
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THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Travelers Casualty and Surety Company in
the amount of $200,766.50 is reduced to $93,238.20.
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 Potomac Station Section 5.
PASSED this 10th day of April 2001.
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Town of Leesburg
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