HomeMy Public PortalAbout2003_08_12_r119The Town of
l eesburg,
rg ma
PRESENTED August 12, 2003
RESOLUTION NO. 2 0 O _q - 1 1 0 ADOPTED August 12, 2003
A RESOLUTION: APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
LEESBURG STATION AUTO WASH
WHEREAS, Council Resolution//2003-47 adopted on March 25, 2003, approved a letter of credit
from the First Virginia Bank in the amount 6f $23,500.00 as security to guarantee installation of public
improvements as shown on plans approved by the Director of Engineering and Public Works for
Leesburg Station Auto Wash; and
WHEREAS, Magazzine Clean, LLC has requested to replace the previously approved letter of
credit, with a letter of credit in the amount of $23,500.00 from Cardinal Bank N.A. for Leesburg Station
Auto Wash and is requesting approval of the same; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a substitute
performance guarantee for Leesburg Station Auto Wash.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The substitute letter of credit in a form approved by the town attorney from
Cardinal Bank N.A. in the amount of $23,500.00 is approved as security to guarantee installation of the
public improvements shown on plans approved by the Director of Engineering and Public Works for
Leesburg Station Auto Wash.
SECTION II. The letter of credit from the First Virginia Bank in the amount of $23,500.00 for
Leesburg Station Auto Wash is released contingent upon approval by the town attorney of the substitute
letter of credit from the Cardinal Bank N.A.
PASSED this 12th day of August 2003.
ATTEST:
C~k-ofCouncil - C~j
R03:LeesStaAutoWash SubstBond