(A)   The developer of a subdivision shall post a financial guarantee at the time of the final plat approval; the purpose of which shall be to protect and ensure the integrity and satisfactory condition of the streets, drainage system and stormwater quality and quantity control facility for period of two years, as provided in § 7 of Appendix B hereto.
   (B)   The financial guarantee may be in the form of a letter of credit, surety bond, certified check, or other instruments readily convertible to cash.
   (C)   The financial guarantee shall inure for an initial period of two years, and shall not expire but automatically renew for one year or until the improvements are deemed satisfactory and released by the Town Engineer, following an acceptable two-year warranty inspection.
   (D)   The amount of the financial guarantee shall be equal to 15% of the contract cost to install the improvements. An itemized list for each improvement shall accompany the financial guarantee, excluding the cost for clearing and grading, which shall bear the signature and seal of a licensed professional engineer.
      (1)   The installation cost for the streets shall include all aspects of the road, such as but not limited to: select fill for the underlying subgrade, base course, asphalt, underdrain, curb and gutter, shoulder and slope stabilization.
      (2)   The cost of the drainage system installation shall include the contractor cost for pipe delivery and installation, specified select backfill and bedding, compaction testing, inlet boxes, grates and tops.
      (3)   The installation cost for the stormwater control facility or pond shall include per cubic yard of excavation, grading, and slope stabilization.
      (4)   The installation cost for the water quality features shall be the manufacture's cost for the material and the contractor's cost for installation.
   (E)   All items deemed not acceptable at the two-year warranty inspection shall be corrected to an acceptable level within 60 days from the date of notice thereof.
      (1)   If the owner, his or her heirs, successors or assigns, fail to satisfy any of the items identified on the inspection report, the town shall enforce the financial guarantee and may draw upon the security for up to the full amount thereof.
      (2)   The town may avail unto itself any lawful manner to effect satisfactory correction of deficient items not covered by the financial surety.
      (3)   The transfer of maintenance responsibility to the town and release of the financial guarantee shall not be complete until the Town Engineer deems conditions are satisfactory.
   (F)   All stormwater storage and water quality facilities, such as ponds and pollution removal devices, within commercial and residential developments are to be privately owned and maintained.
(Ord. 07015, passed 6-12-07; Am. Ord. 13027, passed 6-11-13) Penalty, see § 155.999