§ 153.053  PERFORMANCE BONDS.
   (A)   Provided, however, the owner(s) thereof shall grant to the town a perpetual nonexclusive easement that allows for public inspection and emergency repair, in accordance with the terms of a stormwater facility maintenance agreement, which is required hereunder and found in Chapter 155, § 15 of Appendix B.
   (B)   The owner(s) of the stormwater facility shall post a maintenance bond, letter of credit, cash or other security, in compliance with § 155.051(E) and acceptable to the Town Attorney, prior to the issuance of approval of the final plat of subdivision.
   (C)   The bond or security will be offered by the owner for a period of not less than 30 months from the date of the final plat approval.
   (D)   The surety will remain in effect until the owner, his agents, successors or assigns fully perform the requirements in the referenced two-year warranty in a manner satisfactory to the town.
   (E)   The amount of the security will be determined in accordance with § 155.051(E).
   (F)   All required maintenance items shall be completed by the owner and accepted by the town, as required by the terms and conditions of the final plat approval, prior to the release of the security.
      (1)   If the owner, his or her heirs, successors or assigns fail to satisfy any of the above requirements, the town shall enforce the bond and draw upon the security for up to the full amount thereof.
      (2)   The town shall be held harmless from all expenses, damages, claims and actions arising from, or related to, the performance or nonperformance of the work by the owner, his or her agents, employees or subcontractors.
(Ord. 07045, passed 8-14-07; Am. Ord. 13027, passed 6-11-13)