Street and storm water management/drainage systems that are to be dedicated to the town for public maintenance shall be under warranty for all defects and failures for a period of two years. Prior to final plat approval, the developer shall provide written verification of financial responsibility for the correction of any defects and/or failures in those related improvements that will be dedicated to the town. The warranty (minimum 10% of the construction costs) shall be in an amount satisfactory to the Public Works Director and effective for a period of two years from the date of acceptance by the Town Council. The financial warranty shall be in the form of a no-contest, irrevocable bank letter of credit, a performance and payment bond, underwritten by an acceptable state licensed corporate surety, or a cashier’s check. Payment is subject to Town Attorney approval of the guarantee to determine that the interests of the town are fully protected, except when a cashier’s check is utilized, opinion of counsel may be waived. The Public Works Director shall identify defects not considered to be a public safety issue and notify the developer of such defects. The developer shall then have 30 days to prepare a schedule of corrective actions and begin such corrective actions. If not completed within the approved schedule, the Public Works Director shall make the repairs and bill the bonding company. Public safety defects shall be addressed immediately by the Public Works Director, with reimbursement from the bonding company. The town is not required to accept for maintenance any road, street, or drainage element.
(Ord. 2012-06, § 8.14, passed 10-18-2012; Ord. 2013-06, passed 10-17-2013)