For each of the above options, the required improvements shall
be shown on subdivision plats, and the total amount of the required
financial security shall be based thereon. Such estimates shall be
certified by a licensed professional engineer, and shall be reviewed
by the Town Board for financial adequacy as a guarantee of construction
and of reasonable performance during a warranty period. The Town Board
and the Attorney for the Town shall jointly review the guarantee agreement
for sufficiency of form and execution and for the soundness of the
financial guarantee offered by the applicant.
When a guarantee agreement has been approved by the Town Board
and the required surety bond, certified check, or letter of credit
has been received by the Town Clerk, the Town and the applicant shall
enter into a written agreement itemizing the required improvements,
establishing a schedule for the construction and installation for
each improvement. Whenever feasible, costs shall be organized by logical
phases of work completion in order to facilitate the partial release
of the financial guarantee to the applicant as work is satisfactorily
completed.
When the Engineer for the Town or Town Highway Superintendent,
following final inspection of the project, certifies to the Planning
Board and the Town Board that all required public improvements have
been completed in accordance with all applicable requirements, the
Town Board may act by resolution to accept some or all of the improvements.
In the event that any required improvements have not been installed
as provided in the financial security agreement, the Town Board may
declare said agreement to be in default and collect the sum remaining
payable thereunder. Upon receipt of the proceeds, the Town shall install
such improvements as are covered by said agreement.
Upon acceptance of any improvements, a maintenance guarantee shall be established. All such guarantees shall be for 10% of the financial guarantee originally required of the subdivider. The subdivider may provide a maintenance guarantee by one of the methods provided for in §
143-50 of this article, but no maintenance bond shall be for less than $5,000 (face value). All maintenance guarantees required by this section shall commence immediately upon acceptance of the required public improvements by the municipality and shall extend for two years from the June first next succeeding the acceptance of the required public improvements.