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The Town of
Leesburg,
Virginia
PRESENTED: March 28, 2006
RESOLUTION NO.
2006-56
ADOPTED: March 28. 2006
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN STOWERS PHASE 3, SECTION
4
WHEREAS, the Town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Stowers Phase 3, Section 4 and certified that the value of work
performed is $627,675; and
WHEREAS, a corporate surety bond from the Fidelity and Deposit Company of Maryland in the
amount of $704,090.00 was provided by the developer and approved by the Council to guarantee
installation of public improvements for Stowers Phase 3, Section 4; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in Stowers Phase 3, Section 4.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Fidelity and Deposit Company of Maryland
for Stowers Phase 3, Section 4 in the amount of $704,090.00 is reduced to $ 76,415.00.
SECTION II.
The Town Manager shall notify the developers 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 contract for public improvements for Stowers Phase 3, Section 4.
PASSED this 28th day of March 2006.
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Kf' . Urns ttd, Mayor
Town of Leesburg
R06:StowersPhs3 Sec4Red