HomeMy Public PortalAbout2003_05_28_r088The Town of
I eesburg,
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PRESENTED May 28, 2003
RESOLUTION NO. 2 0 0 3 - 8 8 ADOPTED May 28, 2003
A RESOLUTION: APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
RIVER CREEK PHASE IX, SECTION 1, LANDBAY K
WHEREAS, Council Resolution W2003-64 adopted on April 22, 2003, approved a corporate
surety bond from the Fidelity and Deposit Company of Maryland in the amount of $360,218.10 as
security to guarantee installation of public improvements as shown on plans approved by the Director of
Engineering and Public Works for River Creek Phase IX, Section 1, Landbay K; and
WHEREAS, River Creek LLC has requested to replace the previously approved corporate surety
bond with a corporate surety bond in the amount of $360,218.10 for River Creek Phase IX, Section 1,
Landbay K from the Hartford Fire 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 River Creek Phase IX, Section 1, Landbay K.
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 Hartford Insurance Company in the amount of $360,218.10 is approved as security to guarantee
installation of the public improvements shown on plans approved by the Director of Engineering and
Public Works for River Creek Phase IX, Section l, Landbay K.
SECTION II. The corporate surety bond from the Fidelity and Deposit Company of Maryland in
the amount of $360,218.10 for River Creek Phase IX, Section l, Landbay K is released contingent 'upon
approval by the town attorney of the substitute corporate surety bond from the Hartford Fire Insurance
Company.
PASSED this 28th day of May 2003.
erk of Council
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Town of Leesburg
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