[Adopted 11-12-2019 STM by Art. 13]
The Town, acting through any officer or board authorized by law, may provide by rule, regulation or contract for the deposit of cash, bonds, negotiable securities, sureties or other financial guarantees to secure the performance of any obligation by an applicant as a condition of a license, permit or other approval or authorization, and the monies or other security received may be deposited in a special account. Such rule, regulation or contract shall specify: 1) the type of financial guarantees required; 2) the treatment of investment earnings, if any; 3) the performance required and standards for determining satisfactory completion or default; 4) the procedures the applicant must follow to obtain a return of the monies or other security; 5) the use of monies in the account upon default; and 6) any other conditions or rules as the Town determines are reasonable to ensure compliance with the obligations. Any such account shall be established by the Town Treasurer in the Town treasury and shall be kept separate and apart from other monies. Monies in the special account may be expended by the authorized board, commission, department or officer, without further appropriation, to complete the work or perform the obligations, as provided in the rule, regulation or contract. This section shall not apply to deposits or other financial surety received under MGL c. 41, § 81U, of the general laws, or other general or special law.