HomeMy Public PortalAbout2003_04_22_r060The Town of
Leesburg,
rgtma
PRESENTED April 22, 2003
RESOLUTION NO. 2003-60 ADOPTED April 22, 2003
A RESOLUTION: AUTHORIZING AN AGREEMENT AND APPROVING A
SUBSTITUTE GUARANTEE FOR ALLMAN WATER & SANITARY
SEWER EXTENSION AND RELEASING THE LETTER OF CREDIT
FROM ALLMAN FAMILY LIMITED PARTNERSHIP
WHEREAS, Council Resolution #2002-129 approved a letter of credit from the Potomac
Bank of Virginia in the amount of $33,000.00 as security to guarantee installation of public
improvements by Allman Family Limited Partnership, as shown on plans approved by the
Director of Engineering and Public Works for Allman Water & Sanitary Sewer Extension; and
WHEREAS, Kid's Domain LLC, new owner of Allman Water & Sanitary Sewer
Extension, has requested to replace the previously approved letter of credit with its corporate
surety bond from the Developers Surety & Indemnity Company and is requesting approval of
same; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a
contract and acceptance of the corporate surety bond from the Developers Surety & Indemnity
Company.
THEREFORE, RESOLVED by the Council of the Town of .Leesburg in Virginia as
follows:
SECTION I.
The manager shall execute a contract for public improvements with Kid's
Domain LLC, for the improvements shown on plans approved by the Director of Engineering
and Public Works for the Allman Water & Sanitary Sewer Extension.
A RESOLUTION:
-2-
AUTHORIZING AN AGREEMENT AND APPROVING A
SUBSTITUTE GUARANTEE FOR ALLMAN WATER & SANITARY
SEWER EXTENSION AND RELEASING THE LETTER OF CREDIT
FROM ALLMAN FAMILY LIMITED PARTNERSHIP
SECTION II. The substitute corporate surety bond from the Developers Surety &
Indemnity Company provided by Kid's Domain LLC in the amount of $33,000.00 in a form
approved by the Town Attorney is approved.
SECTION III. The letter of credit from the Potomac Bank of Virginia provided by The
Allman Family Limited Partnership in the amount of $33,000.00 is released contingent upon
approval by the Town Attorney of the substitute corporate surety bond from the Developers
Surety & Indemnity Company provided by Kid's Domain LLC.
PASSED this 22aa day of April 2003.
ATTEST:
.,,CM~k of Council
R03:Allman W&S ReplCntBnd
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Town of Leesburg