It shall be a condition precedent to the effectiveness of any final approval hereunder that the applicant shall post with the First Selectman a maintenance bond secured by a passbook savings account deposited in a Connecticut savings bank or banks and from which the Town of Killingworth may withdraw funds or by cash in the form of a certified check payable to the Town of Killingworth indemnifying the Town against costs and expenses of labor and materials necessary or appropriate to correct or replace improper or defective materials or faulty workmanship, including any damage to any property of the Town resulting therefrom, or to complete construction in conformity with the standards, criteria and specifications prescribed in such regulations and indemnifying the Town against liability for personal injury and property damage caused by any such improper or defective materials or faulty workmanship, including conditions resulting therefrom. Such bond shall remain in effect for a period of one year after final approval.