HomeMy Public PortalAbout2001_08_14_r138The Town of
l .eesburg,
,- trgtnta
RESOLUTION NO.
A RESOLUTION:
2001-138
PRESENTED August 14, 2001
ADOPTED August 14, 2001
AUTHORIZING A TIME EXTENSION FOR COMPLETION OF
PUBLIC IMPROVEMENTS AND APPROVING SUBSTITUTE
PERFORMANCE GUARANTEES FOR EXETER HII JLS SECTIONS
6A & 7A
WHEREAS, Council Resolution(s) #99-127 adopted on April 27, 1999 & #99-246
adopted on August 10, 1999, approved corporate surety bonds from the Amwest Insurance
Company as security to guarantee installation of public improvements as shown on plans
approved by the Director of Engineering and Public Works for Exeter Hills Sections 6A & 7A;
and
WHEREAS, on June 29, 2001, the Town of Leesburg received notice that the Amwest
Insurance Company became the subject of an Order of Liquidation, Declaration of Insolvency,
and Injunction. All Amwest Policies, including Bonds have been cancelled; and
WHEREAS, Scottsbury, L.C., the developer of Exeter Hills Sections 6A & 7A has
requested that the Town Council accept corporate surety bonds from the Hartford Fire Insurance
Company as replacements for the corporate surety bonds from the Amwest Insurance Company
and is requesting approval of the same; and
WHEREAS, the developer has not completed all the required public improvements in
accordance with the approved construction drawings and town standards within the two-year
period agreed to in the contract for public improvements; and
WHEREAS, the developer has requested a time extension to complete the public
improvements; and
A RESOLUTION:
-2-
AUTHORIZING A TIME EXTENSION FOR COMPLETION OF
PUBLIC IMPROVEMENTS AND APPROVING SUBSTITUTE
PERFORMANCE GUARANTEES FOR EXETER HILLS SECTIONS
6A & 7A
WHEREAS, the Director of Engineering and Public Works recommends approval of
substitute performance guarantees and a time extension to April 7, 2002 for Exeter Hills Section
6A and August 10, 2002 for Exeter Hills Section 7A.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The substitute corporate surety bonds from the Hartford Fire Insurance
Company in the amount of $82,939.61 for Exeter Hills Section 6A and $96,840.00 for Exeter
Hills Section 7A in a form approved by the town attorney are approved.
SECTION II. The corporate surety bonds from the Amwest Surety Insurance Company
in the amount of $82,939.61 for Exeter Hills Section 6A and $96,840.00 for Exeter Hills Section
7A are released contingent upon approval by the town attorney of the substitute corporate surety
bonds from the Hartford Fire Insurance Company.
SECTION III. A time extension to April 27, 2002 for Exeter Hills Section 6A and
August 10, 2002 for Exeter Hills Section 7A for installation of public improvements is hereby
approved.
PASSED this 14th day of August 2001.
ATTEST:
~rk of Council
B.J.W.6bb, Mayor
Town of Leesburg
R:Exe6A7ASubsPerfGuar