(A) (1) When the Town Council shall determine that the person posting the performance guarantee has failed or neglected to satisfactorily install the required improvements or make required corrections, or to pay all liens in connection with said improvements, the Council may, after a public hearing on the matter, declare the performance guarantee, or any un-released portion thereof, forfeited and thereafter may install or cause the required improvements to be installed or repaired using the proceeds of the guarantee to defray the expenses thereof.
(2) Two years after the completion of the required improvements, such improvements shall be inspected by the Town Council and/or Town Engineer and if found to be in satisfactory condition, the Town Engineer will certify the same to the Town Council. Performance guarantee requirements continue for one year after final acceptance.
(B) In the event that the un-released portion of the guarantee is not sufficient to pay all the cost and expense of such installation or repair, the town may maintain an action against the person giving the guarantee for the excess.
(Ord. 14-11-02, passed 11-14-2002)