Prior to an action by the Planning Board approving
a subdivision plat, the applicant shall be required to complete, in
accordance with the Planning Board's decision and to the satisfaction
of the appropriate Town departments, all the street, sanitary and
other improvements specified in the action approving said plat or,
as an alternative, to file with the Town Board a bond in an amount
estimated by the Planning Board to secure to the Town the satisfactory
construction and installation of the incomplete portion of the required
improvements. All required improvements shall be made by the applicant
at his expense without reimbursement by the Town or any district therein.
Performance bonds shall comply with the requirements
of § 277 of the Town Law and shall be satisfactory to the
Town Board as to form, sufficiency and manner of execution. A period
of one year or such other period as the Planning Board may determine
appropriate within which required improvements must be completed shall
be specified by the Planning Board and expressed in the bond. The
bond shall also provide that an amount determined adequate by the
Planning Board shall be retained for a period of one year after the
date of completion of the required improvements to assure their satisfactory
condition.