The approval of any plat under this chapter by the Planning Board or Town Council, or both, shall in no way be construed as acceptance of any street or drainage system or any other improvement required by this chapter, nor shall such plat approval obligate the town in any way to maintain or exercise jurisdiction over such street or drainage system or other improvement. No improvement shall be accepted by the Town Council unless and until all of the following conditions have been met:
A. The Board Engineer shall have certified in writing that the improvements are complete and that they comply with the requirements of this chapter.
B. The final plat shall have been approved by the Planning Board.
C. Maintenance guaranty.
(1) After final acceptance of all improvements, the subdivider shall have filed with the Town Council a maintenance guaranty in an amount equal to not more than 15% of the original estimate of the cost of installing the improvements and shall run for a period not exceeding two years. The procedures and requirements governing such maintenance guaranty shall be identical with the procedures and requirements for a performance guaranty set forth in this article. The requirements for a maintenance guaranty may be waived by the Town Council only if the Board Engineer has certified that the improvements have been in continuous use for not less than two years from the date the Town Engineer certified completion of such improvements and that during this period the subdivider has maintained the improvements in a satisfactory manner.
(2) In the event that any other town or governmental agencies or public utilities automatically will own the utilities to be installed, or the improvements are covered by a performance or maintenance guaranty to another town or governmental agency, no performance or maintenance guaranty, as the case may be, shall be required by the town for such utilities or improvements.
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