HomeMy Public PortalAbout2001_09_25_r154The Town of
I eesburg,
irginia
PRESENTED September 25,2001
RESOLUTION NO. ~ ADOPTED September 25, 2001
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN LEESBURG GREEN
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Leesburg Green and certified that the value of work performed is
$359,382.00; and
WHEREAS, a corporate surety bond from The American Insurance Company in the amount of
$399,313.00 was provided by the developer and approved by the Council to guarantee installation of
public improvements in Leesburg Green; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Leesburg Green.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from The American Insurance Company in the
amount of $399,313.00 is reduced to $39,931.00.
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 Leesburg Green.
PASSED this 25t~ day of September 2001.
erk of Council
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