A. 
In order that the town has the assurance that the construction and installation of such improvements as storm sewers, public water supplies, road signs, sidewalks and road surfacing will be constructed, the subdivider shall either construct all improvements directly affecting the subdivision as required by this chapter and by the Planning Board, prior to final approval of the plat or enter into one of the following types of security agreements with the town:
(1) 
A performance bond issued by a bonding or surety company;
(2) 
The deposit of funds in or a certificate of deposit issued by a bank;
(3) 
An irrevocable letter of credit from a bank located and authorized to do business in New York State;
(4) 
Obligations of the United States of America; or
(5) 
Any obligations fully guaranteed as to interest and principal by the United States of America, having a market value at least equal to the full cost of such improvements.
B. 
If not delivered to the town, such security shall be held in a town account at a bank or trust company.
A. 
Before the final plat is approved, the subdivider shall have executed a subdivider contract with the town, and a performance bond shall have been deposited or a security agreement approved covering the estimated cost of the required improvements that have been designated by the Planning Board.
B. 
The performance bond or vehicle from the security agreement shall be to the town and shall provide that the subdivider, his heirs, successors and assigns, their agent or servants, will comply with all the applicable terms, conditions, provisions and requirements of this chapter and will faithfully perform and complete the work of constructing and installing such facilities or improvements in accordance with such laws and regulations.
C. 
Any such bond or security agreement shall require the approval of the Town Board and the Town Attorney as to form, sufficiency, manner of execution and surety.
D. 
Wherever a certified check is made, the same shall be made payable to the Town of Eaton.
The construction or installation of any improvements or facilities, other than roads, for which guarantee has been made by the subdivider in the form of a performance bond or other security agreement shall be completed within one year from the date of approval of the final plat. Road improvements shall be completed within two years from the date of approval of the final plat. The subdivider may request an extension of time, provided that the subdivider can show reasonable cause for inability to perform said improvements within the required time. The extension should not exceed 12 months, at the end of which time the town may use as much of the bond or check deposit to construct the improvements as necessary. More than one twelve-month extension may be granted at the discretion of the Planning Board. The same shall apply whenever construction of improvements is not performed in accordance with applicable standards and specifications.
Regardless of the form of security agreement chosen, the town and subdivider shall enter into a written agreement itemizing the schedule of improvements in sequence with the cost opposite each phase of construction or installation, provided that each cost as listed may be repaid to the subdivider upon completion and approval after inspection of such improvement or installation. However, 10% of the check deposit, performance bond or other security shall not be repaid to the subdivider until one year following the completion, inspection and acceptance by the town of all construction and installation covered by the check deposit or performance bond as outlined in the subdivider's contract.
Periodic inspections during the installation of improvements shall be made by the Code Enforcement Officer and/or Town Highway Superintendent, as appropriate, to ensure conformity with the approved plans and specifications as contained in the subdivider's contract and this chapter. The subdivider shall notify the Code Enforcement Officer when each phase of improvements is ready for inspection. At least five days prior to commencing construction of required improvements, the subdivider shall pay to the Planning Board Clerk any inspection fee required by the Town Board. Upon acceptable completion of installation and improvement, the Planning Board shall issue a letter to the subdivider or his representative, and such letter shall be sufficient evidence for the release by the Town of Eaton the portion of the performance bond or other security as designated in the subdivider's contract to cover cost of such completed work.
When the Code Enforcement Officer and Highway Superintendent, following final inspection of the subdivision, certifies to the Planning Board and the Town Board that all installations and improvements have been completed in accordance with the subdivider's contract, the Town Board may, by resolution, proceed to accept the facilities for which the security agreement was made.