HomeMy Public PortalAbout2004_11_23_r190The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
credit
PRESENTED November 23, 2004
200/~-190 ADOPTED November 23, 2004
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR 202
WIRT STREET, S.W.
WHEREAS, Council Resolution #2003-41 adopted on February 25, 2003, approved a letter of
from BB&T in the mount of $18,098.41 as security to guarantee installation of public
improvements as shown on plans approved by the Director of Engineering and Public Works for 202 Wirt
Street, S.W.; and
WHEREAS, Peter Bumett, the developer of 202 Wirt Street, S.W., has requested to replace the
previously approved letter of credit from BB&T with a letter of credit the James Monroe Bank in the
amount of $18,098.41 for 202 Wirt Street, S.W. and is requesting approval of the same; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a substitute
performance guarantee for 202 Wirt Street, S.W.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The substitute letter of credit from the James Monroe Bank in the amount of
$18,098.41 is approved as security to gumantee installation of the public improvements shown on plans
approved by the Director of Engineering and Public Works for 202 Wirt Street, S.W.
SECTION II. The letter of credit from BB&T in the amount of $18,098.41 for 202 Wirt Street,
S.W. is released contingent upon receipt of the substitute letter of credit from tho James Monroe Bank.
PASSED this 23'a day of November 2004.
erk of Council
Kri~'h~. Umstaftd, Mayor
Town of Leesburg
R04:202 Wirt St SubstBond