No final plat shall be approved by the Planning Board until the satisfactory completion and performance of all such required improvements have been certified to the Planning Board by the Board Engineer, unless the subdivision owner shall have filed with the municipality a performance guaranty sufficient in amount to cover the cost of all such improvements in uncompleted portions thereof as estimated by the Board Engineer, and assuring the installation of such uncompleted improvements on or before an agreed upon date.
A. A performance guaranty estimate shall be prepared by the Board Engineer, setting forth all requirements for improvements as fixed by the Planning Board and their estimated cost. The Town Council shall pass a resolution either approving or adjusting this performance guaranty.
B. The approved performance guaranty estimate shall fix the requirements of maintenance of the utilities and improvements to be installed and completed by the subdivider. A surety company or cash bond meeting the requirements hereinabove set forth may be furnished to secure the maintenance guaranty, or the performance bond may be styled or amended to provide such security in reduced amount in keeping with the requirements.
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