Prior to the acceptance by the Town of any improvements, as hereinafter provided, the subdivider shall post a Maintenance Bond and/or other security naming the Town as Obligee in an amount deemed adequate by the Town to insure maintenance of said improvements. The Maintenance Bond shall be in an amount equal to ten percent (10%) of the construction cost and shall run for a minimum period of two (2) years from the date of acceptance. However, the Maintenance Bond shall continue in full force and effect until a certificate of release shall be issued by the Town Official or Staff designated by the Town Council.
(Ord. No. 1095, § VII-2, 12-14-88)