HomeMy Public PortalAbout2001_11_14_r185The Town of
l.eesburg,
rg ma
PRESENTED November 14, 2001
RESOLUTION NO. 2001':185 ADOPTED November 14, 2001
A RESOLUTION: APPROVING SUBSTITUTE PERFORMANCE GUARANTEES FOR
EXETER HILLS SECTION 5B
WHEREAS, Council Resolution #99-236 adopted on October 26, 1999, approved a
corporate surety bond from the Frontier 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 Section 5B; and
WHEREAS, according to the State Corporation Commission Bureau of Insurance listing
dated April 17, 2001, the Frontier Insurance Company had their Virginia license suspended or
impaired; and
WHEREAS, Washington Homes, Inc., the developer of Exeter Hills Section 5B, has
requested that the Town Council accept a corporate surety bond from The American Insurance
Company as a replacement for the corporate surety bond from the Frontier Insurance Company
and is requesting approval of the same; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a
substitute performance guarantee for Exeter Hills Section 5B.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The substitute corporate surety bond from The American Insurance
Company in the amount of $123,339.38 for Exeter Hills Section 5B in a form approved by the
town attorney is approved.
A RESOLUTION:
-2-
APPROVING SUBSTITUTE PERFORMANCE GUARANTEES FOR
EXETER HILLS SECTION 5B
SECTION II. The corporate surety bond from the Frontier Insurance Company in the
amount of $123,339.38 for Exeter Hills Section 5B is released contingent upon approval by the
town attorney of the substitute corporate surety bond from The American Insurance Company.
PASSED this 14th day of November 2001.
~erk of~CoEST:
Mayor
Town of Leesburg
R:ExeHls5 B SubPerfGuar