A resolution to approve a blanket surety agreement for the Vint Hill Economic Development Authority as surety for the construction of infrastructure
WHEREAS, the Vint Hill Economic Development Authority has requested that Fauquier County permit it to post a blanket surety instead of individual bonds for individual infrastructure construction projects; and
WHEREAS, the Vint Hill Economic Development Authority has agreed to have the County named as an additional beneficiary on its construction performance bonds in order to provide additional assurance to the County that infrastructure projects will be completed; and
WHEREAS, the proposed agreement will adequately protect the County and guarantee that sufficient funds to complete infrastructure construction projects will be available in the event of a default; now, therefore, be it
RESOLVED by the Fauquier County Board of Supervisors this 10th day of February 2005, That the Chairman of the Board of Supervisors be, and is hereby, authorized to execute a Memorandum of Understanding providing for the use of a blanket surety bond.