HomeMy Public PortalAbout2006_01_10_r003The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED January 10, 2006
2006-03 ADOPTED Janua~_ 10, 2006
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN HAWKS VIEW GLEN
WHEREAS, Council Resolution //2004-66 adopted on May 11, 2004, approved a
corporate surety bond fi.om the Fidelity and Deposit Company of Maryland in the amount of
$242,023.00 as security to guarantee installation of public improvements as shown on plans
approved by the Director of Engineering and Public Works for the Hawks View Glen; and
WHEREAS, Council Resolution//2005-171 adopted on November 8, 2005 approved a
reduction of the performance guarantee from the Fidelity and Deposit Company of Maryland in
the amount $242,023.00 to $24,202.30; and
WHEREAS, Washington Homes Inc., of Virginia, the developer of Hawks View Glen,
has requested to replace the previously approved corporate surety bond fi.om the Fidelity and
Deposit Company of Maryland in the amount of $24,202.30 with a corporate surety bond fi.om
the Safeco Insurance Company in the reduced amount of $24,202.30 and is requesting approval
of the same; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a
substitute performance guarantee fi.om the Safeco Insurance Company in the amount of
$24,202.30.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
A RESOLUTION:
-2-
APPROVING A SUBSTITUTE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN HAWKS VIEW GLEN
SECTION I. The substitute corporate surety bond from the Safeco Insurance Company
in the amoum of $24,202.30 is approved as security to guarantee installation of the public
improvemems shown on plans approved by the Director of Engineering & Public Works.
SECTION II. The corporate surety bond from the Fidelity and Deposit Company of
Maryland in the amoum of $24,202.30 for Hawks View Glen is released eontingem upon receipt
of the substitute corporate surety bond from the Safeco Insurance Company in the amount of
$24,202.30.
PASSED this 10' day of January 2006.
ATTEST:
~attd, Mayor
Town of Leesburg
RO5:I-IawksViewGlen SubstBond