A. 
The construction or installation of any improvement or facilities for which a financial guarantee has been made pursuant to this article shall be completed within the time specified by the Planning Board, not to exceed three years from the date of the posting of the guarantee.
B. 
The subdivider may request an extension of time to perform required improvements provided he can show reasonable cause for inability to construct and install said improvements within the required time. Such extension of time shall not exceed six months. At the end of such extension of time, if the required improvements are not completed satisfactorily, the Town may use as much of the financial security required by this article to construct and install, maintain, or perfect the improvements as necessary to meet all applicable state and local laws, ordinances, rules, and regulations.
C. 
At least five days prior to commencing construction of required improvements, the subdivider shall pay the inspection fee to the Town Clerk and shall notify the Town Board or an official designated by the Board in writing of the time when the construction of such improvements will be commenced so that the Board may cause inspections to be made to assure that all applicable specifications and requirements shall be met in the construction of such improvements, and to assure the satisfactory completion of improvements.
A. 
At its discretion, and in consultation with the Town Board, the Planning Board may require that applicants for subdivision plat approval provide the Town with acceptable financial security in an amount sufficient to guarantee revegetation and land restoration, and the installation of improvements. Such improvements may include community water systems, community sewer systems, stormwater management facilities, sewers, roads, pavement markings, traffic signs and signals, sidewalks, foot trails and others.
B. 
Acceptable financial security shall be provided to the Town in one of the following ways:
(1) 
The applicant shall furnish a bond executed by a surety company in an amount equal to the cost of construction of the improvements required by the Planning Board pursuant to this chapter.
(2) 
The applicant shall present to the Town Clerk a certified check in an amount equal to the cost of construction of the improvements required by the Planning Board pursuant to this chapter.
(3) 
The applicant shall present to the Town Clerk an irrevocable letter of credit drawn in favor of the Town in an amount equal to the cost of construction of the improvements required by the Town Board pursuant to this chapter.
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.
A. 
At such times as the subdivider wishes to have guarantee funds released in consideration of work satisfactorily performed, the subdivider shall cause to be prepared an accurate statement of the work performed and inspected as of a certain date. This statement shall use the same item structure as was employed in the written agreement itemizing the required improvements.
B. 
The subdivider, after preparing such statement, shall submit it for review by the Engineer for the Town, and for review, approval, and signature by the Planning Board and the Town fiscal officer. If the statement is approved by the Planning Board and the Town fiscal officer, the statement shall be forwarded promptly to the Town Clerk, together with a recommendation that the amount approved on said statement be released from the financial guarantee provided by the applicant. Where the financial guarantee provided by the subdivider makes staged refunding possible, the Town Clerk will then direct in writing to the surety company or financial institution having custody of the guarantee funds to release the approved amount of those funds to the applicant.
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.