The Planning Board may require that the applicant or permittee file performance security with the Town of Lewisboro, by way of a surety bond, letter of credit or monetary deposit, in a form and amount sufficient to secure satisfactory completion of the public work improvements. The form and amount of this performance security shall be deemed acceptable by the Planning Board, or a Town official or consultant designated by the Planning Board. The performance security shall remain in effect until the Planning Board, or a Town official or consultant designated by the Planning Board, certifies that the work is complete. Once such certification is issued, the Planning Board shall authorize release of the performance security. In the event of a breach of any condition of any bond, letter of credit or terms accompanying a monetary deposit, the Town of Lewisboro, upon authorization of the Town Board, may pursue any remedies afforded under the terms of the performance security provided, including, without limitation, the institution of a legal action.