The bond for the completion of such improvements shall run to the town in an amount sufficient to cover the estimated cost of removing the existing improvements, installing hard surfacing and repairing the street and sidewalk, to be released promptly upon the acceptance of such improvements by the Traffic Engineer; otherwise to be forfeited, the proceeds to be used or applied for the restoration of the area or for the completion of the improvement, as the Town Council may determine. Following the acceptance of such improvements, the same shall thereafter be maintained as a part of the improved public streets of the town.
(Prior Code, Title III, Ch. I, Art. IV, § 4)