A performance bond is to be posed by the subdivider
to guarantee to the municipality that he will faithfully construct
or cause to be constructed the required public improvements which
were an integral part of his approved final plat; and, further, that
the construction shall be completed within a reasonable specified
period of time, which shall not exceed 2 1/2 years from the date
of approval.
B.
The Planning Board shall pass a resolution either
approving or modifying the performance bond estimate.
C.
The subdivider shall present his performance bond,
executed on the standard performance bond form, to the Municipal Attorney
for review as to form and sufficiency.
D.
The Municipal Attorney shall arrange to have the performance
bond placed before the Municipal Board meeting.
E.
The Municipal Board shall approve or disapprove the
performance bond as presented by the Municipal Attorney. If the performance
bond is approved, it shall be filed with the Municipal Clerk, and
the Municipal Clerk shall notify the Planning Board, in writing, of
such filing.
F.
The Chairman or Vice Chairman of the Planning Board
shall not sign a final plat until notification by the Municipal Clerk
of the filing of the performance bond.
G.
After construction of the public improvements covered
by the performance bond and prior to release of the bond, the subdivider
shall prepare a set of the approved drainage plans and street profiles
amended to indicate as-constructed information. The subdivider then
may apply to the Municipal Engineer for a final inspection of the
work. When the work has been completed to the satisfaction of the
Municipal Engineer, he shall recommend to the Municipal Board that
the performance bond be released.
H.
In the event that the term of the performance bond
expires prior to the completion of the public improvements, the Municipal
Engineer shall recommend to the Planning Board either that the term
of the bond be extended to permit completion of the work by the subdivider
or that the bond be declared in default. The Planning Board shall
advise the Municipal Board by resolution if its recommendation is
for default of the bond.
I.
The Municipal Board shall act on the release of or
declaration of default on the performance bond.
A.
The maintenance bond is posted by the subdivider to
guarantee the municipality performance for the public improvements
for two years.
B.
The Municipal Engineer will prepare the maintenance
bond estimate for submission to the Town Board. The Town Board shall
act with respect to the maintenance bond at such time as it considers
dedication of the public improvements of any subdivision.
