(A) The Board may, as a prerequisite to the issuance of a drainage permit, require the posting of a performance bond from a company licensed by the state to provide such surety, upon which the principal may be the owner of the affected land, the developer, or any other party or parties the Board believes necessary or helpful. Such bond shall name the town as the party who can enforce the obligations thereunder, and shall be in an amount established by the Board as adequate to provide surety for the satisfactory completion of the improvements required by the drainage permit. In the instance of platting, such bond may be a part of the total bonding required by the Town Plan Commission.
(B) In instances where the Board has required a performance bond pursuant to this section, it may, as an alternative to the posting of such bond, accept other appropriate security, such as a properly conditioned irrevocable letter of credit, which meets the same objectives as the performance bond described in this section, subject to approval of any other department or agency those interest are protected by the same bonding requirement.
(1991 Code, § 134.20)