This section shall apply to all projects whether the storm water management system or portions thereof will be dedicated to the town or retained privately. As a condition of approval and issuance of the permit, the town shall require the applicant to provide assurance in form of an irrevocable letter of credit or a bond when the storm water management plan has been accepted and before construction begins. Said assurance will guarantee a good faith execution of the storm water drainage plan, the storm water pollution prevention plan, the storm water quality management plan and any permit conditions. The assurance shall be for an amount equal to 110% of the total costs of all storm water management measures for the entire project. The above-mentioned costs shall be based on an estimate as prepared by a registered engineer or land surveyor. Said costs shall be for the installation and on-going monitoring and maintenance of erosion control measures and the construction and on-going monitoring and maintenance of storm drainage infrastructure, detention/retention facilities and storm water quality BMPs, as regulated under this chapter, until the construction is completed, the site is stabilized, and as-built plans are accepted by the town. Assurances shall be for a minimum of $5,000. All other performance bonds, maintenance bonds or other assurances required by the town in accordance with any and all other ordinances shall also apply and so be required. Local governmental jurisdictions may require additional performance and/or maintenance assurances. The intent of this assurance is not only to complete the installation of storm drain infrastructure for the project, but also to assure that adequate storm water pollution prevention measures are properly installed and maintained. If adequate assurances are set aside by the project site owner for the overall project, proof of total assurance can be submitted in place of an individual storm water assurance.
(Ord. 2013-17, passed 12-2-2013)