HomeMy Public PortalAbout2001_12_11_r206The Town of
Leesburg,
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PRESENTED December 11, 2001
RESOLUTION NO. 2001'206 ADOPTED December 11, 2001
A RESOLUTION: MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN EXETER HILLS SECTION 6B
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Hills Section 6B and certified that the value of work performed
is $336,299.00; and
WHEREAS, a corporate surety bond from the American Motorists Insurance Company in the
amount of $436,530.00 was provided by the developer and approved by the Council to guarantee
installation of public improvements in Exeter Hills Section 6B; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Exeter Hills Section 6B..
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the American Motorists Insurance Company in
the amount of $436,530.00 is reduced to $100,231.00.
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 Exeter Hills Section 6B.
PASSED this 11th day of December 2001.
A~EST:
erk of Council
B.J. Ws)~b, Mayor
Town?f Leesburg
R:ExeHills6BRed