HomeMy Public PortalAbout2004_11_09_r177The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED November 9, 2004
2 0 0 6- q 7 7 ADOPTED November 9, 2004
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
GOD'S CHILDREN LEARNING CENTER
WHEREAS, Council Resolution #2004-144 adopted on September 14, 2004, approved a
letter of credit from the Wachovia Bank in the amount of $29,200.00 as security to guarantee
installation of public improvements as shown on plans approved by the Director of Engineering
and Public Works for the God's Children Learning Center; and
WHEREAS, Patricia Bennett, the developer of the God's Children Learning Center, has
requested to replace the previously approved letter of credit with a cash bond in the amount of
$29,200.00 for the God's Children Learning Center and is requesting approval of the same; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a
substitute performance guarantee for the God's Children Learning Center.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The substitute cash bond in the amount of $29,200.00 is approved as
security to guarantee installation of the public improvements shown on plans approved by the
Director of Engineering and Public Works for the God's Children Learning Center.
SECTION II. The letter of credit from the Wachovia Bank in the amount of $29,200.00
for the God's Children Learning Center is released contingent upon receipt of the substitute cash
bond.
A RESOLUTION:
-2-
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
GOD'S CHILDREN LEARNING CENTER
SECTION III. Acceptance of a cash bond to replace the letter of credit issued by the
Wachovia Bank for God's Children Learning Center is conditioned upon an amendment to the
contract for Installation of Public Improvements between the town and the developer stating that
if a cash escrow is posted as the performance guarantee, the funds on deposit shall generate
market rate interest, as earned by the town.
PASSED this 9t~ day of November 2004.
ATTEST:
l~lerk of Council
Town of Leesburg
R04:G-odaChildrenLearCtr SubstBond