Prior to the acceptance by the Town of any improvements, as hereinafter provided, the subdivider shall post a letter of credit, surety bond or cash escrow agreement naming the Town as obligee in an amount deemed adequate by the Town to ensure maintenance of said improvements. The letter of credit, surety bond or cash escrow agreement shall be in an amount equal to fifteen (15) percent of the construction cost and shall run for a minimum period of two (2) years from the date of acceptance. However, the letter of credit, surety bond or cash escrow agreement shall continue in full force and effect until a certificate of release shall be issued by the Town Council.

Any draw on the above letter of credit, surety bond or cash escrow agreement by the Town shall include not only the full value of the letter or agreement, but also all expenses of the Town, including but not limited to reasonable attorney’s fees. There will be an annual review of all letters or agreements by the Building and Planning Department.

Soil erosion control is to be maintained by the subdivider or lot owner. If the subdivider or lot owner fails to maintain soil erosion control when requested by the Town and the Town finds it necessary to perform soil erosion control tasks, the Town will bill the subdivider or lot owner for work performed.