The applicant shall post an acceptable financial
surety prior to final sign-off of the plan approved by the Planning
Board. The financial surety shall be in an amount sufficient to ensure
the completion of all roads (public or private) drainage, and landscaping.
The financial surety shall be effective for a period mutually agreed
upon by the Planning Board and the applicant.
The financial surety shall be approved as to
the form and type by the Board. The Town will accept cash, pass book
savings in the Town's name, letter of credit, or a construction surety
bond. At its discretion, the Planning Board may require approval of
the construction guarantee by the Town Attorney. A sample construction
guarantee contract is included as Attachment 5.[1]
[1]
Editor's Note: Attachment 5 is included at
the end of this chapter.
The construction guarantee shall be released
in phases as portions of the secured improvements or installations
are final in accordance with the plan approved by the Board.
