HomeMy Public PortalAbout2001_06_12_r087The Town of
] ,eesburg,
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PRESENTED June 12, 2001
RESOLUTION NO. 2001-87 ADOPTED June 12, 2001
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN POTOMAC STATION
SECTION 8B
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Potomac Station Section 8B and certified that the value of work
performed is $243,122.00; and
WHEREAS, a corporate surety bond from the American Motorists Insurance Company in the
amount of $336,062.00 was provided by the developer and approved by the Council to guarantee
installation of public improvements in Potomac Station Section 8B; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Potomac Station Section 8B.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Americ;n Motorists Insurance Company in
the amount of $336,062.00 is reduced to $92,940.00.
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 Potomac Station Section 8B.
PASSED this 12m day of June 2001.
ATTEST:
erk of Council
B.J. W(etbb, Mayor
Town of Leesburg
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