HomeMy Public PortalAbout2002_06_25_r097The Town of
Leesburg,
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PRESENTED June 25, 2002
RESOLUTION NO. 2 002-9 7 ADOPTED June 25, 2002
A RESOLUTION: APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
BEAUREGARD HEIGHTS
WHEREAS, Council Resolution #2000-113 adopted on June 27, 2000, approved a letter
of credit from the Branch Banking & Trust Company in the amount of $897,233.37 as security to
guarantee installation of public improvements as shown on plans approved by the Director of
Engineering and Public Works for Beauregard Heights; and
WHEREAS, the letter of credit from the Branch Banking & Trust Company in the
amount of $897,233.37 was reduced to $395,149.37 by Council Resolution #2001-88 adopted on
June 12, 2001; and
WHEREAS, Beauregard Associates, L.C.. has requested to replace the previously
approved letter of credit with a corporate surety bond in the amount of $395,149.37 for
Beauregard Heights from the Great American 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 Beauregard Heights.
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 Great American Insurance Company in the amount of $395,149.37 is approved
as security to guarantee installation of the public improvements shown on plans approved by the
Director of Engineering and Public Works for Beauregard Heights.
A RESOLUTION:
-2-
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
BEAUREGARD HEIGHTS
SECTION II. The letter of credit from the Branch Banking & Trust Company in the
amount of $395,149.37 for Beauregard Heights is released contingent upon approval by the town
attorney of the substitute corporate surety bond from the Great American Insurance Company.
PASSED this 25th day of June 2002.
ATTEST:
Clerk of Council !
B.J. W~ob, Mayor
Town of Leesburg
R02:BeauregardHeightsSubstBond