HomeMy Public PortalAbout2002_05_29_r087The Town of
l ,eesburg,
irginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED May 29, 2002
2002- $7 ADOPTED May 29, 2002
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
STOWERS PHASE 1, SECTION 2
WHEREAS, Council Resolution #2002-54 adopted on April 23, 2002, approved a corporate
surety bond from the St. Paul Fire and Marine Insurance Company of New York in the amount of
$2,115,076.00 as security to guarantee installation of public improvements as shown on plans approved
by the Director of Engineering and Public Works for Stowers Phase 1, Section 2; and
WHEREAS, Richmond American Homes has requested to replace the previously approved
corporate surety bond with a corporate surety bond in the amount of $2,115,076.00 for Stowers Phase 1,
Section 2 from the American Home Assurance 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 Stowers Phase 1, Section 2.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The substitute corporate surety bond in a form approved by the town attorney
from the American Home Assurance Company in the amount of $2,115,076.00 is approved as security to
guarantee installation of the public improvements shown on plans approved by the Director of
Engineering and Public Works for Stowers Phase 1, Section 2.
SECTION II. The COrporate surety bOnd from the St. Paul Fire and Marine Insurance Company
of New York in the amount of $2,115,076.00 for Stowers Phase 1, Section 2 is released contingent upon
approval by the town attorney of the substitute corporate
Assurance Company.
PASSED this 29t~ day of May 2002.
k c}f ~ouncil
surety bond from the American Home
Town of Leesburg
R:Stowers Phs 1 Sec2 SubstBond