HomeMy Public PortalAbout2003_10_15_r133The Town of
Leesburg,
trg ma
RESOLUTION NO.
A RESOLUTION:
PRESENTED October 15, 2003
2003-133
ADOPTED October 15, 2003
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN LANSDOWNE ON THE
POTOMAC SECTIONS 42 AND 43
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Lansdowne on the Potomac Sections 42 and 43 and certified that the
value of work performed is $ 396,960.00; and
WHEREAS, a corporate surety bond from the American Motorists Insurance Company in the
mount of $441,067.00 was provided by the developer and approved by the Council to guarantee
installation of public improvements in Lansdowne on the Potomac Sections 42 and 43; and
WHEREAS, the subdivision is in Loudoun County and the town's bonded improvements are
water and sanitary sewer only; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements in Lansdowne on the Potomac Sections 42 and 43.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the American Motorists Insurance Company in
the amount of $441,067.00 is reduced to $ 44,107.00.
SECTION II. The town manager shall notify the developer that liability for corporate surety
bond funds has been reduced as outlined in Section I of this resolution and that this reduction does not
constitute acceptance of public improvements by the town or relieve the developer of responsibilities
outlined in the eontmct for public improvements for Lansdowne on the Potomac Sections 42 and 43.
ATTEST:
PASSED this 15m day of October 2003.
t~rk °f C°uneil ~
Town of Leesburg
R03:Lansdowne 42&.43 Red