HomeMy Public PortalAbout2015_07_28_R085 Perf Bond for Stonewall Power Project Reclaimed Water Line Construction The Town of
Leesburg,
Virginia
PRESENTED July 28, 2015
RESOLUTION NO. 2015-085 ADOPTED July 28, 2015
A RESOLUTION: APPROVING A PERFORMANCE AND PAYMENT BOND FOR THE
STONEWALL POWER PROJECT RECLAIMED WATER LINE
CONSTRUCTION.
WHEREAS, the Town has agreed to supply reclaimed water to Panda Stonewall LLC
(formerly known as Green Energy Partners/Stonewall LLC) for its green energy power plant
located south of the Town Panda Stonewall LLC ("Panda"), the developer of the Stonewall Power
Project has agreed to construct the reclaimed water line ("the purple line"), but once constructed,
the Town will retain ownership of the purple line; and
WHEREAS, the parties have agreed that Panda will construct the purple line as a shall be
constructed as a bonded public improvement pursuant to the Town's normal process and
procedures; and
WHEREAS, Panda requests approval of Corporate Surety Bonds (performance and
payment) from Continental Casualty Company and Liberty Mutual Insurance Company ("the
companies") in the amount of$8,262,537.00 to guarantee the public improvements; and
WHEREAS, the Town Attorney recommends approval and acceptance of the performance
bond and payment bonds for the Stonewall Power Project.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. Corporate Surety Bonds from companies in the amount of Eight Million Two
Hundred Thousand Sixty Two Thousand Five Hundred Thirty Seven and no/100 ($8,262,537.00)
is approved as security to guarantee installation of the public improvements so long as the bonds
are approved by the Town Attorney.
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A RESOLUTION: APPROVING A PERFORMANCE AND PAYMENT BOND FOR THE
STONEWALL POWER PROJECT RECLAIMED WATER LINE
CONSTRUCTION.
PASSED this 28th day of July.,2015.
te_,
Krl""P. mstattd, Mayor
Town of Leesburg
ATTEST-
PI �►,-Clerk of C:.
P:\Resolutions\2015\0728 Stonewall Power Project bonds.doc