(A) The required performance guarantee shall be one of the following, at the discretion of the Town Council:
(1) A deposit of cash in a separate escrow account in an amount not less than 110% of the estimated cost of constructing the required improvement or improvements, as determined by the town. Said account shall be made with a financial institution acceptable to the Town Council and shall be established in such a manner that any release therefrom shall require the advance written consent of the town. All interest earned from the account shall be the property of the subdivider; and
(2) A performance bond in an amount not less than 110% of the estimated cost of constructing the required improvement or improvements as determined by the town with such sureties as are acceptable to the Town Council.
(B) The town shall have discretion as to other terms, as may be required from time to time, to adequately protect the town and assure final completion of all public improvements.
(Ord. 14-11-02, passed 11-14-2002)