[Amended 10-4-2004 by L.L. No. 9-2004]
After adoption of a resolution approving a final subdivision plat and before the plat is endorsed by the Planning Board Chairman or other duly authorized member, the applicant shall be required to complete, at his expense and without reimbursement by the Town or any special district, all street and other improvements as shown on the approved construction plans or otherwise specified in the resolution or, as an alternative, to file with the Town Board a performance bond, an accompanying letter of credit or other security identified in this chapter's definition of "performance bond," in an amount fixed by the Planning Board in its resolution as sufficient to secure to the Town its ability to undertake the satisfactory construction, installation and completion of the required improvements. Such bond shall state the period within which the required improvements must be completed, which period shall be that specified in the Planning Board resolution. The bond shall also provide that an amount determined adequate by the Planning Board, but not less than 10% of the bond, or 10% of the estimated costs of improvements if a bond is not filed, shall be retained by the Town Board for a period of one year after the date of completion of the required improvements to assure their satisfactory condition and that the road shall be maintained in an all-weather passable condition if certificates of occupancy are issued during the term of the bond under the provisions of § 132-21 of this article. All improvements shall be done to the satisfaction of the Planning Board in accordance with the approved construction plans and the requirements of this chapter and the Town construction standards and specifications.