HomeMy Public PortalAbout2006_06_27_r110
The Town of
Leesburg,
Virginia
PRESENTED: June 27. 2006
RESOLUTION NO.
2006-110
ADOPTED: June 27. 2006
A RESOLUTION:
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN LANSDOWNE ON THE
POTOMAC SECTION 45
WHEREAS, the Town's Director of Engineering and Public Works has reviewed the
improvements installed to date in Lansdowne on the Potomac Section 45 and certified that the value of
work performed is $103,500; and
WHEREAS, a corporate surety bond from the Lexon Insurance Company in the amount of
$115,000 was provided by the developer and approved by the Council to guarantee installation of public
improvements for Lansdowne on the Potomac Section 45; and
WHEREAS, the Director of Engineering and Public Works recommends reducing the
performance guarantee for public improvements installed in Lansdowne on the Potomac Section 45.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from the Lexon Insurance Company for Lansdowne
on the Potomac Section 45 in the amount of$115,000 is reduced to $11,500.
SECTION n. 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 Lansdowne on the Potomac Section 45.
PASSED this 2'fA day of June 2006.
.~~
~Mayor
Town of Leesburg
A TIEST:
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rk of Council
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R06:LansdowneSec4SRed