All public improvements required pursuant to the approval of subdivision plats, site plans or special uses shall be constructed and completed to the standards required by state and local laws, rules and regulations. Applicants for subdivision plats, site plans or special use approvals shall provide the Town with acceptable financial security in an amount sufficient to guarantee the installation of basic public improvements. Such public improvements may include public water supply, sewage disposal systems, storm drains and sewers, roads, pavement markings and traffic signs and signals, sidewalks and other public improvements required of applicants for subdivision plat, site plan or special use approvals.

The construction or installation of any improvements or facilities, other than roads, for which a financial guaranty has been made pursuant to this article shall be completed within one year from the date of the approval of the subdivision plat, site plan or special use. Road improvements shall be completed within two years from the date of approval of the subdivision plat, site plan or special use. At the end of such time, if the required public improvements are not completed and accepted by the Town, the Town may use as much of the financial security required by this article to construct and install, maintain or perfect the improvements as necessary to meet all applicable state and local laws, ordinances, rules and regulations.

The applicant may request an extension of time to perform required public improvements, provided that reasonable cause can be shown for the inability to construct and install said improvements within the required time. Such extension of time shall not exceed six months.

At least five days prior to commencing construction of required public improvements the applicant shall pay to the Town Clerk the inspection fee required by the municipality and shall notify the Town Board or an official designated by the Town Board, in writing, of the time when the construction of such improvements will be commenced so that the Town Board may cause inspections to be made to assure that all applicable specifications and requirements shall be met in the construction of such improvements and to assure the satisfactory completion of public improvements required by the Planning Board.

Acceptable financial security shall be provided to the Town in the form of a bond executed by a surety company, a certified check or an irrevocable letter of credit drawn in favor of the Town. Any such financial security shall be presented to the Town Clerk in an amount equal to the cost of construction of the public improvements required by the Planning Board pursuant to this chapter.

All required public improvements shall be shown on subdivision plats or site plans, and the total amount of the required financial security shall be based thereon. Such estimates shall be certified by a licensed professional engineer and shall be reviewed by the Town Board for financial adequacy as a guaranty of construction and of reasonable performance during a warranty period. The Town Board and the Town Attorney shall jointly review the guaranty agreement for sufficiency of form and execution and for the soundness of the financial guaranty offered by the applicant.

When a guaranty agreement has been approved by the Town Board and the required surety bond, certified check or letter of credit has been received by the Town Clerk, the Town and the applicant shall enter into a written agreement itemizing the required public improvements, establishing a schedule for the construction and installation of such improvement, and itemizing the cost of construction and installation for each improvement. Whenever feasible, costs shall be organized by logical phases of work completion in order to facilitate the partial release of funds held as a financial guaranty by the municipality to the applicant as work is satisfactorily completed.

At such times as the applicant wishes to have guaranty funds released in consideration of work performed and accepted, the applicant shall cause to be prepared an accurate statement of the work performed and accepted as of a date certain. This statement shall use the same item structure as was employed in the written agreement itemizing the required public improvements. The applicant, after preparing such statement, shall submit it for review, approval and signature by an engineer acting on behalf of the Town, by the appropriate municipal inspectors and by the Town fiscal officer. If the statement is approved by the Town fiscal officer, the statement shall be forwarded promptly to the Town Clerk, together with a recommendation that the amount approved on said statement be released from the financial guaranty provided by the applicant. Where the financial guaranty provided by the applicant makes staged refunding possible, the Town Clerk will then direct in writing to the surety company or financial institution having custody of the guaranty funds to release the approved amount of those funds to the applicant.

When the project inspector, following final inspection of the project, certifies to the Planning Board and the Town Board that all required public improvements have been completed in accordance with all applicable requirements, the Town Board may act by resolution to accept the public improvements.

Upon acceptance of the required public improvements, a maintenance guaranty shall be established. All such guaranties shall be for 10% of the financial guaranty originally required of the applicant. The applicant may provide a maintenance guaranty by one of the methods provided for in § 250-95 above, but no maintenance bond shall be for less than $5,000 face value. All maintenance guaranties required by this section shall commence immediately upon acceptance of the required public improvements by the municipality and shall extend for two years therefrom or for two years from the June first next succeeding the acceptance of the required public improvements, whichever period is longer.