§ 175-73. Guaranties for off-tract improvements.

   A.   Performance guaranties. The applicant shall be required to provide, as a condition for final approval of his subdivision application, a performance guaranty running to the town.

      (1)   If the improvement is to be constructed by the applicant under § 175-119C or under § 175-119D(2), a performance bond with surety in an amount equal to the estimated cost of the improvements, or as to any part of said improvement that is to be acquired or installed by the town under said § 175-119C, a cash deposit equal to the estimated cost of such acquisition or installation by the town.

      (2)   If the improvement is to be constructed by the town as a general improvement under § 175-119D(2)(a)[1], a cash deposit equal to the amount of the excess of the estimated cost of the improvement over the estimated total amount by which all properties, including the subdivision property, will be specially benefited thereby.

      (3)   If the improvement is to be constructed by the municipality as a local improvement under § 175-119D(2)(a)[2], a cash deposit equal to the amount referred to in Subsection A(2), immediately above, plus the estimated amount by which the subdivision property will be specially benefited by the improvement.

   B.   Refund of deposit where improvements are not authorized within five years. In any case in which a subdivider shall deposit money with the town for the completion of an off-site improvement that is to be constructed pursuant to this chapter by the town, the applicant shall be entitled to a full refund of such deposit if the Town Council shall not have enacted an ordinance authorizing the improvements within five years after the date that all other subdivision improvements are completed.

   C.   Deposit of funds. All moneys paid by an applicant pursuant to this chapter for off-tract improvements shall be paid over to the Town Treasurer, who shall provide a suitable depository therefor. Such funds shall be used only for the improvements for which they are deposited or improvements serving the same purpose.

   D.   Redetermination of assessment upon completion of improvement. Upon completion of off-tract improvements required pursuant to this chapter, the applicant's liability hereunder shall be recalculated in accordance with the actual, as compared with the estimated, cost of the improvements. To the extent that such recalculation shall increase the amount of any cash deposit made by the applicant hereunder, the applicant shall forthwith pay the amount of such increase to the town. To the extent that it shall decrease the amount thereof, the town shall forthwith refund the amount of such decrease to the applicant. In cases where improvements are specially assessed against all benefited properties, recalculation shall be made by the Town Assessor in the course of the special assessment proceedings. In other cases, it shall be made by the town.