In addition to the surety requirements of the county street standards, the following standards and obligations apply.
(A) The developer or developers involved with a dedicated residential roadway or dedicated industrial roadway shall, in addition to the posting of such security, enter into a “Guarantee” agreement with the Town Council, promising to complete the roadway or roadways in question within an agreed period of time. Said agreement shall incorporate the surety amount or amounts under the formula aforestated, and the developer, together with all additional personal guarantors as shall be required by the County Plan Commission, its staff, the Town Council, or the Town Attorney, shall be and remain personally responsible for the completion of said roadways, pursuant to said “Guarantee” above and beyond the amount of surety actually posted. The form of such “Guarantee” shall be adopted by the Town Council and the Town Attorney, and may be revised from time to time hereafter without amendment of this chapter.
(B) The developer or developers involved with an accepted residential roadway or accepted industrial roadway shall, as a condition to such acceptance, and in addition to the maintenance bond, certificate of deposit, or letter of credit aforedescribed, enter into a “maintenance agreement,” together with all additional personal guarantors as shall be required by the County Plan Commission, its staff, the Town Council, or the Town Attorney, all of whom shall be personally responsible for the full and complete maintenance of the dedicated roadway for said three-year period of time from and after the date of its acceptance by the Town Council, and irrespective of the amount of the maintenance bond, certificate of deposit or letter of credit posted as surety for such maintenance obligation. The form of such maintenance agreement shall be adopted by the Town Council and the Town Attorney, and may be revised from time to time hereafter without amendment of this chapter.
(Ord. 497, passed 9-17-2007)