Before the Planning Board enacts final approval of the subdivision plat, the subdivider shall follow the procedure set forth in either Subsection A or B below:
A.
In an amount set by the Planning Board, the subdivider shall either file with the Town Clerk a certified check to cover the full cost of the required improvements or the subdivider shall file with the Town Clerk a performance bond to cover the full cost of the required improvements. Said subdivider may also provide a letter of credit. The letter of credit shall be an irrevocable letter of credit, and the Town shall require that the letter of credit be presented to a local confirming bank. The draft demand for payment shall be accompanied by a sworn statement, signed by the appropriate official of the Town (Town Supervisor), stating that the developer is in default. A period of one year (or such other period as the Planning Board may determine appropriate, not to exceed three years) shall be set forth in the bond within which required improvements must be completed.
B.
The subdivider shall complete all required improvements to the satisfaction of the Town Engineer, who shall file with the Planning Board a letter signifying the satisfactory completion of all improvements required by the Board. For any required improvements not so completed, the subdivider shall file with the Town Clerk a bond or certified check covering the costs of such improvements and the cost of satisfactorily installing any improvement not approved by the Town Engineer. Any such bond shall be satisfactory to the Town Board and Town Engineer as to form, sufficiency, manner of execution and surety.
C.
The required improvements shall not be considered to be completed until the installation of the improvements has been approved by the Town Engineer and an as-built plan map satisfactory to the Planning Board has been submitted indicating the location of monuments marking all underground utilities as actually installed. If the subdivider completes all required improvements according to Subsection B, then said map shall be submitted prior to endorsement of the plat by the appropriate Planning Board officer.