HomeMy Public PortalAbout2007_11_27_r169 Perf Guar Russell Branch Parkway West
The Town of
Leesburg,
Virginia
PRESENTED: November 27,2007
RESOLUTION NO.
2007-169
ADOPTED: November 27,2007
A RESOLUTION:
AUTHORIZING AN AGREEMENT AND APPROVING A PERFORMANCE
GUARANTEE AND WATER AND SEWER EXTENSION PERMITS FOR
RUSSELL BRANCH PARKWAY WEST
WHEREAS, Springfield East LC., the developer of Russell Branch Parkway West, has requested
approval of a corporate surety bond from Lexon Insurance Company in the amount of $6,799,000 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 Russell Branch
Parkway West.
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
Russell Branch Parkway West.
SECTION II. The extension of municipal water and sewer for Russell Branch Parkway West is
approved in accordance with Sections 15-9 and 19-18 of the Town Code.
SECTION III. A corporate surety bond from Lexon Insurance Company in the amount of
$6,799,000 is approved as security to guarantee installation of the public improvements shown on plans
approved by the Director of Engineering and Public Works for Russell Branch Parkway West.
PASSED this 27th day of November 2007.
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ATTEST:
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lerk of CouncIl
R07: RussellBranchPkwyWestNewBond