Where, in the opinion of the Town Council, a developer fails or neglects to satisfactorily install the required improvements or make required corrections, or to pay all liens in connection with said improvements, make payment to the town for administration and inspections, or otherwise fails in carrying out the activity for which the performance guarantee was required, the Town Council may, after a public hearing with due notice on the matter, declare the performance guarantee forfeited and thereafter may install or cause the required improvement to be installed using the proceeds from the guarantee to defray the costs, provided, that the town shall not be responsible for work beyond the limits of the bond amount. Any funds remaining after completion of the required improvements will be returned to the developer.
(Ord. 02-01-2021 SD, passed - -2021)