In all cases, the subdivider shall be responsible
for the installation of all required improvements under the supervision
of the Town/Village Engineer and in the manner specified below.
No final plat shall be approved by the Board
until provision has been made for the proper installation of required
improvements in the following way:
A. The developer's licensed professional engineer shall
submit an estimate of the cost of improvements. This shall be itemized
in detail to cover all dedicated improvements. The estimate shall
be submitted to the Town/Village Engineer for his approval.
B. A letter of credit in the amount approved shall be
submitted to the Clerk-Treasurer.
C. At such times as the developer wishes to have funds
released to cover work performed, the developer's engineer shall prepare
a statement of the work performed as of that date.
D. The developer, after preparing such statement, shall
submit it for review, approval and signature by the Superintendent
and Engineer. The Clerk-Treasurer will then direct, in writing, to
the lending institution that the approved amount be released from
the letter of credit.