Construction completion guarantee. In order to ensure
the full and faithful completion of all land development activities related
to compliance with all conditions set forth by the Town in its approval of
the stormwater pollution prevention plan, the Town may require the applicant
or developer to provide, prior to construction, a performance bond, cash escrow,
or irrevocable letter of credit from an appropriate financial or surety institution
which guarantees satisfactory completion of the project and names the Town
as the beneficiary. The security shall be in an amount to be determined by
the Town based on submission of final design plans, with reference to actual
construction and landscaping costs. The performance guarantee shall remain
in force until the surety is released from liability by the Town, provided
that such period shall not be less than one year from the date of final acceptance
or such other certification that the facility(ies) has (have) been constructed
in accordance with the approved plans and specifications and that a one-year
inspection has been conducted and the facilities have been found to be acceptable
to the Town. Per-annum interest on cash escrow deposits shall be reinvested
in the account until the surety is released from liability.