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The Town of
Leesburg,
Virginia
PRESENTED: September 11, 2007
RESOLUTION NO. 2007-126
ADOPTED
September 11, 2007
A RESOLUTION:
AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE AND A WATER EXTENSION PERMIT FOR THE SUMMIT
COMMUNITY BANK
WHEREAS, The Summit Community Bank, the developer of the Summit Community Bank, has
requested approval of a letter of credit from United Bank in the amount of $363,000 to guarantee the
public improvements; and
WHEREAS, the Director of Engineering and Public Works recommends approval of a contract
for installation of public improvements and acceptance of a performance guarantee for the Summit
Community Bank.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Town Manager shall execute the contract for public improvements for the
improvements shown on the plans approved by the Director of Engineering and Public Works for the
Summit Community Bank.
SECTION II. The extension of municipal water for the Summit Community Bank is approved
in accordance with Sections 19-18 of the Town Code.
SECTION III. The letter of credit in a form approved by the Town Attorney from the United
Bank in the amount of $363,000 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 Summit
Community Bank.
PASSED this 11th day of September 2007.
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IS eo C. U taltd, Mayor .
Town of Leesburg
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