Prior to the endorsement of the record subdivision plan, the
developer shall post the public improvement bond in an amount and
surety conditions satisfactory to the Town, for the actual construction
and installation of such improvements.
The bond submitted to the Town will be in accordance with the
form approved and provided by the Commission, in an amount of at least
120% of the cost of the installation of the improvements acceptable
to the Commission and Town Engineer with surety and conditions satisfactory
to the Board of Selectmen and the Town Counsel sufficient to secure
to the Town the satisfactory construction, maintenance and installation
of the required improvements and maintenance of the erosion and sediment
plan by the Town in the event of the failure of the applicant to do
so within the time fixed by the Commission and specified in the bond.
The bond shall meet the following requirements.
After acceptance of the subdivision improvements by the Town
or in the case of subdivision improvements not offered to the Town,
upon completion of such improvements, the applicant shall execute
an agreement and file a maintenance bond. The bond shall guarantee
maintenance of streets, drainage and other improvements for a period
of one year in accordance with these regulations. The amount of the
maintenance bond shall be 10% of the total construction cost of said
improvements.
Specifications and cost estimates for certain improvements agreed
to be undertaken by the developer in lieu of normal open space requirements
shall be submitted and shall be included in the total amount bonded
to the Town.
Construction of the public improvements shall begin within six
months after the bond amount is established by the Planning Commission,
and progress on the work shall continually be maintained to completion.
Otherwise, the amount of the bond may be subject to revision by the
Planning Commission in order to reflect increases in construction
costs.
Reductions in the amount of the original bond may be considered
by the Commission when and if in its judgment a substantial portion
of the public improvements called for in the final subdivision plan
approved by the Commission have been completed. The Commission reserves
the right to have the Town Engineer or other Town staff assist it
in making the determination. The bond reduction is subject to the
following:
A. The amount retained will be sufficient to cover public improvement
installations not yet completed, based upon a current revised cost
estimate plus contingency.
B. The maximum partial release allowed prior to acceptance of the improvements
will be 80% of the estimated total construction cost.
C. The request for release of the performance bond and acceptance of the improvements, upon completion of the required work, must include as-built drawings in conformance with §
415-8.4A(4) of these regulations.