An irrevocable letter of credit from a bank or other lending
institution shall indicate that funds have been set aside for the
construction of the development and may not be used for any other
project or loan.
Prior to the release of any part of the performance guarantee,
the Board shall determine to its satisfaction, in part upon the report
of the Town's consulting engineer and whatever other agencies
and departments may be involved, that the proposed improvements meet
or exceed the design and construction requirements for that portion
of the improvements for which the release is requested.
Where the development roads are to remain private roads, the
following words shall appear on the recorded plan: "All roads in this
development shall remain private roads to be maintained by the developer
or the lot owners and shall not be accepted or maintained by the Town."
Performance guarantees shall be tendered for all improvements required by Article
XIX of this chapter, as well as any other improvements required by the Board.