HomeMy Public PortalAbout2001_06_12_r109 The Town of
I eesburg,
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PRESENTED June 26, 2001
2001-109
RESOLUTION NO. ADOPTED June 26, 2001
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN STOWERS SECTION 1
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Stowers Section 1 and certified that the value of work performed is
$1,604,412; and
WHEREAS, a corporate surety bond from the St. Paul Fire and Marine Insurance Company in the
amount of $1,940,000.00 was provided by the developer and approved by the Council to guarantee
installation of public improvements in Stowers Section 1; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Stowers Section 1.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the St. Paul Fire and Marine Insurance Company
in the amount of $1,940,000.00 is reduced to $337,588.
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' Stowers Section 1.
PASSED this 26th day of June 2001.
ATTEST:
/1~ ~f C0uncil-
Town of Leesburg
R:StowersSeclRed