§ 25-5. Bond or cash deposit.

A. 

Before the issuance of a permit, the applicant shall execute and file with the Building Department a bond in the amount of not less than five thousand dollars ($5,000.) per acre or part thereof conditioned upon the performance of the work in accordance with the plan submitted under § 25-4 hereof and all other conditions of this ordinance, and indemnifying the town against any damage to town property. In the event of a default, such bond shall be forfeited to the town. In lieu of such bond, a cash deposit or negotiable securities may be deposited with the Comptroller of the town.

B. 

Upon satisfactory completion of the contemplated work in accordance with the application and this ordinance, such bond or cash deposit shall be released by the Manager of the Building Department. Satisfactory completion of the work shall be evidenced by the certification of a licensed land surveyor or professional engineer.