A. 
The applicant and the owner shall execute a performance bond in the amount established by the Town Board, but not less than $2,000, with a surety company covering all the conditions stipulated by the Town and also guaranteeing the repair of any Town roads damaged during the execution of the project. Such bond shall be processed as provided for in § 62-3 of this chapter.
B. 
Such bond shall remain full force and effect until a certificate of completion has been issued by the Building Inspector, certifying to the fact that all provisions of this chapter and conditions of the permit have been fully complied with. Application for such certificate shall be made by the applicant, owner, lessee or his agent on standard forms provided by the Town Clerk and shall be accompanied by a certification by a duly licensed professional engineer or land surveyor of the State of New York stating:
(1) 
That the property has been brought to the finished-grade elevations, as shown on the approved drawing;
(2) 
That there is not less than six inches of topsoil of a quality native to the site; and
(3) 
That the area has been seeded as provided for in § 62-12 of this chapter.
C. 
In lieu of such bond, a cash deposit or deposit of negotiable securities may be made with the Supervisor of the Town.
D. 
Such bond shall be in default if not released by the Town Board by the time the permit expires.
The applicant and owner shall execute a public liability insurance policy insuring the Town of Shelter Island and themselves and covering the complete project, with limits of $100,000/$300,000, such insurance to continue in force until the performance bond has been released. Such insurance shall be processed as provided for in § 62-3 of this chapter.