A.
The Planning Board may require the permittee to post, before the
start of land disturbance activity, a surety bond, irrevocable letter
of credit, cash, or other acceptable security. The form of the security
shall be approved by Town Counsel and the Planning Board, and shall
be in an amount deemed sufficient by the Planning Board to ensure
that the work will be completed in accordance with the permit.
B.
If the project is phased, the Planning Board may release part of the security as each phase is completed in compliance with the permit, but the security may not be fully released until the Planning Board has received the final report and issued a certificate of completion pursuant to Article XII.
C.
If the permittee defaults on any obligations imposed by the land
disturbance permit, the Planning Board may (after notification of
the permittee) inform the holder of the security (and the Municipal
Treasurer if the Treasurer is not holding the funds) of the default,
in which event the Town shall be entitled to the security funds.
The Planning Board may also require the applicant to secure
the future maintenance of the stormwater system by a cash bond of
an amount as determined by the Planning Board. In the event that the
applicant does not follow maintenance procedures and programs as approved
by the Planning Board, the Board shall have the authority to expend
any portion of said security to provide such maintenance for up to
five years after completion of the project.
