Prior to an action by the Planning Board approving
a subdivision plat, the applicant shall complete, in accordance with
the Planning Board's decision and to the satisfaction of appropriate
town departments, all the street, sanitary and other improvements
specified in the resolution approving the plat, or, as an alternative,
file with the Town Board a bond in an amount set by the Planning Board
to secure to the town the satisfactory construction and installation
of the uncompleted portion of the required improvements.
Performance bonds shall comply with the provisions
of Town Law § 277 as to form, type and term. The Planning
Board shall fix the term of the performance bond or security agreement,
which shall in no case be longer than three years; provided, however,
that the Planning Board may extend the term of the bond with consent
of the parties thereto. The Planning Board shall also have authority
to reduce the amount of improvements required, with the consent of
the Town Board, and shall have the authority to reduce the amount
of the security in accordance with Town Law § 277. In the
event of a default, the town shall have the authority to proceed in
accordance with Town Law § 277.