(A) Financial guarantees shall be prerequisite to the Plan Commission action on the application for final plat approval. The Commission shall approve the final plat for record only after notice has been received from the Town Council that there has been filed with and approved by the Council one of the following:
(1) A certification to the effect that the monuments, streets, sewers, water and other utilities and facilities required as a precedent to approval, have been installed in accordance with the specifications of this chapter and have been accepted for maintenance;
(2) Acceptance of the improvements is conditional and is based upon the posting of a maintenance bond with the Town Council, the period of time to be determined by the Town Council but not less than one year, with the subdivider or some other person satisfactory to the Council as principal, which shall:
(a) Run to the town;
(c) Be with surety satisfactory to the Town Council;
(d) Warrant the workmanship and all materials used in construction, installation and completion of the improvements and installations to be of good quality and to have been constructed and completed in a workmanlike manner in accordance with the standards, specifications and requirements of this chapter and previously approved plans and specifications; and
(e) Provide that for a period of not less than three years after the installations and improvements have been completed or are accepted for public maintenance by the Town Council, the applicant will, at his or her own expense, make all repairs to the improvements and installation or the foundations thereof, which may become necessary by reason of improper workmanship or materials, but not including damage to the improvements and installations resulting from forces or circumstances beyond the control of the applicant or occasioned by the inadequacy of the standards, specifications or requirements of this chapter.
(3) A performance bond is posted with the Town Council, which shall:
(a) Run to the Town Council;
(b) Be in an amount equal to 100% of the cost, as estimated by the Town Council, of all improvements and installations as required by this chapter, excluding, however, the cost of any required improvements and installations already constructed, installed and completed in compliance with the requirements of this chapter, for which sufficient written proof of the construction, installations and completion has been furnished by the Town Council. The Council may require the estimated cost to be prepared by a registered engineer and paid for by the subdivider;
(c) Be with surety satisfactory to the Town Council; and
(d) Run until and terminate 60 days after the filing with the Commission of the completion affidavit obtained from the Town Council.
(4) Cash bond or other negotiable securities acceptable and assigned to the Town Council is posted with the Council in lieu of the performance bond.
(B) Any funds received from the financial guarantees required by this chapter shall be used only for the purposes of making the improvements, installations or repair for which the guarantees were provided, in accordance with the standards, specifications and requirements of this chapter.
(C) Upon the acceptance of the improvements and installations by the Town Council, the applicant shall obtain a completion affidavit from the Council stating the required improvements and installations have been installed in compliance with the specifications of this chapter and have been accepted for public maintenance by the Town Council, subject to the terms of the maintenance bond provided by the applicant. The completion affidavit shall be filed with the Plan Commission.
(Ord. 83-003, passed 4-12-1983)