A.
The Town Board of the Town of Blooming Grove hereby finds and determines that the existing system of performance and maintenance bonds provided to the municipality as an alternative to the prior completion of public improvements in a subdivision is deficient in providing for and protecting the public health, safety and welfare. Inflation, inadequate estimates, incomplete and/or inadequate description of improvements in bonds, unmeritorious defenses to enforcement of bonds and the high cost of enforcing performance and maintenance bonds have resulted in failure to properly complete public improvements, hardship to purchasers of lots in the subdivisions and to the general public and unjust enrichment of owners, subdividers and developers of subdivisions.
B.
It is the intent of this article to provide clarity and definition to the established method of guaranteeing the proper completion of public improvements in subdivisions, to nullify the imposition of unmeritorious defenses and to eliminate the costs of enforcement of performance and maintenance bonds so as to protect purchasers of lots in subdivisions and the general public and to advance the intent of Town Law that public improvements in subdivision be completed at the expense of the owner, subdividers or developer.