Prior to an action by the Planning Board approving a subdivision plat, as specified in §
107-9D of this chapter, 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 incompleted 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.