Construction completion guarantee. In order to ensure the full and
faithful completion of all land development activities related to
compliance with all conditions set forth by the City of Watertown
in its approval of the stormwater pollution prevention plan, the City
of Watertown may require the applicant or developer to provide, prior
to construction, a performance bond, cash escrow, or irrevocable letter
of credit from an appropriate financial or surety institution which
guarantees satisfactory completion of the project and names the City
of Watertown as the beneficiary. The security shall be in an amount
to be determined by the City of Watertown based on submission of final
design plans, with reference to actual construction and landscaping
costs. The performance guarantee shall remain in force until the surety
is released from liability by the City of Watertown, provided that
such period shall not be less than one year from the date of final
acceptance or such other certification that the facility(ies) have
been constructed in accordance with the approved plans and specifications
and that a one-year inspection has been conducted and the facilities
have been found to be acceptable to the City of Watertown. Per annum
interest on cash escrow deposits shall be reinvested in the account
until the surety is released from liability.