The owner shall provide to the Town a surety or cash bond, irrevocable
letter of credit, or other means of security acceptable to the Town
prior to the issuance of any permit, approval or waiver involving
the grading, construction or operation of a stormwater management
practice, system or facility. The amount of the security shall not
be less than the total estimated construction cost of the stormwater
management practice, system or facility. The bond required in this
section shall include provisions relative to forfeiture for failure
to complete work specified in the approved stormwater management plan,
compliance with all of the provisions of this chapter, and other applicable
laws and regulations, as well as any time limitations for making such
practice, system or facility fully operational and completed.
The performance bond or other security shall not be fully released
without a final inspection of the completed work by the enforcement
authority, submission of sealed as-built plans by the owner to the
enforcement authority, and certification of completion by the owner
to the enforcement authority that the stormwater management facilities
comply with the approved plan and the provisions of this chapter.
A procedure may be used to release parts of the bond or other security
held by the Town after various stages of construction have been completed
and accepted by the enforcement authority after inspection by the
enforcement authority. The procedures used for partially releasing
performance bonds or other security must be specified by the enforcement
authority in writing, prior to stormwater management plan approval.
