The Town Planning and Zoning Commission, its agent(s) or the Town Engineer shall require from the developer a surety, letter of credit and/or insurance prior to the issuance of any building and/or grading permit for the construction of a development requiring a stormwater management facility. The amount of the security shall not be less than the total estimated construction cost of the stormwater management facility. The surety, letter of credit and/or insurance required in this section shall include provisions relative to forfeiture for failure to complete work specified in the approved stormwater management plan, compliance with all of the provisions of this chapter, and other applicable laws and regulations, and any time limitations. The surety, letter of credit and/or insurance shall not be fully released without a final inspection of the completed work by the Town Planning and Zoning Commission, its agent(s) or the Town Engineer submission of “as-built” plans and certification of completion by the Town Planning and Zoning Commission, its agent(s) or the Town Engineer that the stormwater management facilities comply with the approved plan and the provisions of this chapter. A procedure may be used to release parts of the surety, letter of credit and/or insurance held by the Town Planning and Zoning Commission, its agent(s) or the Town Engineer after various stages of construction have been completed and accepted by the Town Planning and Zoning Commission, its agent(s) or the Town Engineer. The procedures used for partially releasing performance surety, letter of credit and/or insurance must be specified by the Town Planning and Zoning Commission, its agent(s) or the Town Engineer in writing prior to stormwater management plan approval.
(Ord. passed 7-14-2008)