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(A) In order to insure that the storm water practices are installed by the permit holder as required by the approved storm water management plan, the town requires the submittal of a performance security or bond prior to issuance of a permit.
(1) The amount of the installation performance security shall be the total estimated construction cost of the storm water management practices approved under the permit, plus 25%.
(2) The performance security shall contain forfeiture provisions for failure to complete work specified in the storm water management plan.
(B) The installation performance security shall be released in full only upon submission of as-built plans, and written certification by a registered professional engineer that the storm water practice has been installed in accordance with the approved plan and other applicable provisions of this chapter.
(C) The town will make a final inspection of the storm water practice to ensure that it is in compliance with the approved plan and the provisions of this chapter.
(D) Provisions for a partial pro-rata release of the performance security, based on the completion of various development stages, can be done at the discretion of the town.
(Ord. 0504, passed 12-12-05)