[Amended 12-4-2000 by L.L. No. 5-2000 ]
Editor's Note: This local law also stated that, to the extent that it departs therefrom, it supersedes Town Law § 277, Subdivision 9.
A performance bond is a written and executed guaranty, obligation or promise, made by an owner or developer of property who has received subdivision approval from the Planning Board, to install public improvements required by the Planning Board, or to perform other required acts within a fixed period of time that may be required by the Planning Board or Town Board or any local law or ordinance of the Town. A performance bond is posted by the developer to guarantee to the Town that he will faithfully construct, or cause to be constructed, the required public improvements and utilities which were an integral part of his approved final plat.
A restoration bond is a written and executed guaranty, obligation or promise, made by an owner or developer of property who has received subdivision approval from the Planning Board, to restore a site to a safe, secure and stable condition, in the event that public improvements have not been properly or timely completed as required by said approval. A restoration bond is posted by the developer to guarantee to the Town that he will faithfully construct, or cause to be constructed, the required public improvements and utilities which were an integral part of his approved final plat within a reasonable period of time.
Performance and restoration bond estimates will be prepared by the Town Engineer or Superintendent of Highways.
The Planning Board will pass a resolution either approving or adjusting the performance and restoration bond estimates, and will provide four copies signed by the Chairman for the use of the developer in obtaining and posting financial security as required by Chapter 36.
The developer shall present his performance and restoration bonds executed on the standard forms, § A65-36, three copies, with signed copies of the performance and restoration bond estimates attached, to the Town Attorney at least one week prior to any Town Board meeting, for approval as to form and sufficiency by the Town Board at such meeting.
The Town Attorney shall notify the Town Clerk prior to the Town Board meeting that the performance and restoration bond can be added to the agenda.
The Town Board shall approve or disapprove the performance and/or restoration bond as presented by the Town Attorney. If those bonds are approved, one copy of each will be forwarded to the Town Clerk for his/her records. The Town Clerk shall send official notice to the Chairman of the Planning Board indicating the Town Board's approval. Simultaneously with approval of the bonds the Town Board shall, when so required by the Planning Board, enter into a public improvement security agreement with the developer.
After completing the construction of the public improvements covered by the performance and restoration bonds and prior to the termination of the bond period, the developer shall prepare a set of the approved public improvement and utilities plan and profiles (litho prints on vellum), amended to indicate "as constructed" information, and shall apply to the Town Engineer, Town Inspector or Superintendent of Highways for a final inspection of the work. The Town Engineer, Town Inspector or Superintendent of Highways shall report to the Planning Board on the condition of the work and recommend that the performance bond be released, extended or declared in default. The Town Engineer, Town Inspector or Superintendent of Highways shall also report on the desirability of the Town's accepting the dedication of streets and offers of cession of other lands designated for public use.
The Planning Board shall by resolution release or declare in default each performance and restoration bond. The Planning Board can act to extend the term of the bond in appropriate cases where such action would not be contrary to the intent of this regulation.