[HISTORY: Adopted by the Planning Board of the Town of Northborough. Amendments noted where applicable.]
A. 
Reduction of bond or surety. The penal sum of any bond, or the amount of any deposit held pursuant to § 10-28-020B or any amount of funds retained pursuant to an agreement under § 10-28-020D, may, from time to time be reduced by the Board, and the obligations of the parties thereto released by said Board in whole or in part, so that the amount bonded, deposited or retained continues to reflect the actual expected cost of work remaining to be completed. If release is by reason of covenant, a new plan of the portion to be subject to the covenant may be required.
B. 
Submission requirements. Prior to the reduction or release of any part of a bond, surety or covenant, the developer shall deliver to the Planning Board:
(1) 
Separate deeds of easement, free from all encumbrances, for sewer, water, drainage and other necessary public purposes in the proposed streets and other areas of the subdivision being dedicated to the Town of Northborough. Conservation easements and Open Space easements shall be deeded to the Northborough Conservation Commission.
[Amended 5-6-2003]
(2) 
An original plan suitable for filing in the Worcester Registry of Deeds and a reproducible copy of each section covered in Subsection B(1) above.
C. 
Upon completion of improvements required under Chapters 10-36 and 10-40, security for the performance of which was given by bond, deposit or covenant, or upon the performance of any covenant with respect to any lot, the subdivider shall send by registered mail to the Town Clerk and the Board a written statement, in duplicate, that said construction or installation in connection with which such bond, deposit or covenant has been completed in accordance with the requirements contained under Chapters 10-36 and 10-40, such statement to contain the address of the applicant. The Town Clerk shall forthwith furnish a copy of said statement to the Planning Board.
A. 
If the Planning Board determines that said construction or installation has been completed, it shall release the interest of the town from such bond and return the bond or the deposit to the person who furnished the same, or release the covenant by appropriate instrument, duly acknowledged, which may be recorded.
B. 
If the Board determines that said construction or installation has not been completed, it shall specify in a notice sent by registered mail to the applicant and to the Town Clerk the details wherein said construction or installation fails to comply with its rules and regulations and upon failure so to do within 45 days after the receipt by the Clerk of said statement, as specified in § 10-32-010C, all obligations under the bond shall cease and terminate by operation of law, any deposit shall be returned and any such covenant shall become void. In the event that the forty-five-day period expires without such specifications or without the release and return of the bond or return of the deposit or release of the covenant as aforesaid, the Clerk shall issue a certificate to such effect, duly acknowledged, which may be recorded.
[Amended 5-6-2003]
Prior to the final release of the performance guaranty, the subdivider shall file with the Planning Board an as-built plan and an acceptance plan. The as-built plan shall show all grading of disturbed areas, plans and profiles corrected and certified by the subdivider’s engineer to be actual as-built locations and profiles of all streets, ways and utilities, including those installed by others, the locations of all lot lines and the assigned house numbers for each dwelling. The acceptance plan shall show proper legal description of the roadway, lots within the subdivision, easements and restrictions. The subdivider shall also file an electronic copy of the as-built and acceptance plans in a format suitable to the Town Engineer for use in inputting the plan information into the Town’s computerized files.
The Planning Board may withhold the reduction or final release of a performance guaranty until the developer shall have satisfied all of the obligations of these regulations and the Town Engineer and/or Planning Board agent responsible for site inspections verifies that proper inspections have been made and that all construction improvements required have been made by the subdivider.
A. 
A portion of bond withheld. A minimum of 20% of the original value of the bond shall be held by the town for the maintenance of streets and municipal services for a minimum of 18 months after completion of construction and installation or until the streets are accepted by the town, whichever comes first, after which date the town shall return the remainder of the bond to the subdivider.
B. 
Acceptance of ways.
(1) 
Upon Planning Board approval of the as-built and acceptance plans and final release of the performance guaranty, the subdivider shall file with the Planning Board an original of the as-built acceptance plan on Mylar, together with the proper legal descriptions for initiating an article in the Town Warrant pursuant to the acceptance of ways at the Town Meeting and shall grant a deed to the town of the streets, utilities and easements, as contained in the plan; said deed to be recorded by the town upon acceptance of the streets by the Town Meeting.
(2) 
For the purpose of expediting the reduction or release of any part of a bond, surety or covenant, the Planning Board may request a signed, undated petition for the acceptance as a public way by the Town of Northborough of each street guaranteed.