Prior to the commencement of construction, the developer shall file with the Commission a detailed estimate of the cost of streets, public improvements, drainage structures, water and sewer mains, other utilities, soil and erosion control, lot grading and any other special site or off-site construction or improvements required as a part of the development's approval by the Commission, together with maps, plans and supporting data. In addition to the cost estimated by the developer and approved by the Commission, a twenty-percent contingency shall be added to the cost estimates to arrive at the bond amount.
A. 
The developer shall then provide the following:
(1) 
A surety company bond, irrevocable letter of credit or passbook, in a sum and form satisfactory to the Commission, conditioned upon the completion of all work within five years of the date of the approval of the recorded subdivision plan or as otherwise provided by statute.
(2) 
Power of Attorney of the person signing on behalf of the surety must be attached to the bond if not already on file with the Commission. If the person acting as attorney for the surety company is not a licensed resident agent of the State of Connecticut, then the bond shall be countersigned by a licensed Connecticut resident agent of the company. The signatures of two witnesses are required on the bond. If the subdivision sponsor is a corporation, then the corporate seal must be shown in addition to the seal of the bonding company. The bond must show the bond number and the name of the bonding company's local agent.
B. 
Extensions. The Commission will consider an application for extension of time to complete improvements and the term of the performance bond when good cause for the extension is shown.
C. 
Reductions. The initial amount of the bond shall be no less than $10,000. Reductions in the amount of the original bond may be considered by the Commission for work completed; however, the reduction shall not exceed 70% of the original amount, nor reduce the amount of the bond below $10,000.
D. 
Release. An application for release of the performance bond, upon completion of the required work, must include a warranty deed(s) conveying any interests in the land that are to be acquired by the Town. Such deed(s) must be approved by Town Counsel and must be accompanied by appropriate certificates of title. The application must also include as-built drawings of a plan and profile, showing location, dimensions, elevations, profiles, etc., of all improvements, including monuments as they exist, utilities, community wells, etc. The as-built drawings must be certified by a surveyor licensed in the State of Connecticut. A silver emulsion polyester fixed-line film and three paper prints of the as-built plans shall be filed with the Commission, along with a written certification by the surveyor that the iron pins and monuments have been accurately set to Class A-2 standards. A registered engineer shall certify that the project was constructed according to the Town of Somers specifications, including any special conditions of construction on site or off site required by the Commission as part of the subdivision approval.
[Amended 9-30-1999]
The applicant shall be required to file a maintenance bond with the Town prior to dedication in order to assure the satisfactory condition of the required improvements for a period of 18 months after the date of acceptance by the Town. The maintenance bond shall be in an amount equal to 25% of the actual cost of improvements and shall be of such form as described in § 213-54 for performance bonds. The cost of improvements shall be the actual cost as approved by the Town Engineer as of the date of the request for road acceptance.