(A) The Town Council shall not accept proposed dedicated improvements, nor release nor reduce a performance bond, until it has received written certificates of completion from the Town Building Inspector (or the appropriate agent) stating that all required improvements have been satisfactorily completed in accordance with construction plans for the subdivision.
(B) Prior to any street or other improvement being accepted by the town as hereinafter provided, the subdivider shall post a maintenance bond and/or other security naming the town as obligee in an amount deemed adequate by the town to insure maintenance of said improvements for a period of at least 12 months from the date of acceptance by the town.
(C) The amount of bond may be reduced by the Plan Commission at any time, if recommended by the Town Engineer or other appropriate agent. No bond shall be reduced below an amount necessary to insure the installation of remaining improvements and the good repair and proper functioning of all improvements at the time when 80% of the lots shown on the recorded plat have primary structures built on them and appropriate measures taken to prevent erosion and siltation. The final surface course of street pavement shall not be constructed until 80% of the lots shown on the recorded plat have structures built on them.
(Ord. 2005-5, passed 6-7-2005)