HomeMy Public PortalAbout2002_09_10_r155The Town of
Leesburg,
trg ma
PRESENTED September 10, 2002
RESOLUTION NO. 2002-155 ADOPTED September 10, 2002
A RESOLUTION: APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
EDWARDS LANDING SECTION 3
WHEREAS, Council Resolution #2002-128 adopted on July 9, 2002, approved a corporate surety
bond from the Continental Insurance Company in the amount of $1,429,641.00 as security to guarantee
installation of public improvements as shown on plans approved by the Director of Engineering and
Public Works for Edwards Landing Section 3; and
WHEREAS, Edwards Landing L.L.C. has requested to replace the previously approved corporate
surety bond with a corporate surety bond in the amount of $1,429,641.00 for Edwards Landing Section 3
from the St. Paul Fire and Marine 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 Edwards Landing Section 3.
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 St. Paul Fire and Marine Insurance Company in the amount of $1,429,641.00 is approved as
security to guarantee installation of the public improvements shown on plans approved by the Director of
Engineering and Public Works for Edwards Landing Section 3.
SECTION II. The corporate surety bond from the Continental Insurance Company in the amount
of $1,429,641.00 for Edwards Landing Section 3 is released contingent upon approval by the town
attorney of the substitute corporate surety bond from the St. Paul Fire and Marine Insurance Company.
PASSED this l0th day of September 2002.
~sta[t'd, Mayor
Town of Leesburg
CI~ ~f Council
R02:EdsLanding3 SubstBond