The duration of the performance bond or other assurance shall be until acceptance of the improvements is made by the Town Council. The assurance may be released by the Town Council in phases as improvements are completed and accepted by the Council as being constructed to standards. In releasing assurance in phase, the Town Council shall retain enough monies to insure completion of the remaining off-sites. In all cases an amount representing not less than 10% of any assurance shall be retained for a period of one year after the completion and inspection of all improvements to insure that all work and materials are adequate and in satisfactory condition.
(Ord. 21-11, passed 10-26-2021)