Construction completion guarantee. In order to ensure the full and faithful completion of all land development activities related to compliance with all conditions set forth by the Town of Montgomery in its approval of the stormwater pollution prevention plan, the Town of Montgomery may require the applicant or developer to provide, prior to final plan approval or as a condition of such approval, a cash escrow, or an irrevocable letter of credit from an appropriate financial or surety institution which guarantees satisfactory completion of the project and names the Town of Montgomery or its designee as the beneficiary. The security shall be in an amount to be determined by the Town of Montgomery based on submission of final design plans, with reference to actual construction and landscaping costs. The performance guarantee shall remain in force until the surety is released from liability by the Town of Montgomery, provided that such period shall not be less than one year from the date of final acceptance or such other certification that the facility(ies) has (have) been constructed in accordance with the approved plans and specifications and that a one-year inspection has been conducted and the facilities have been found to be acceptable to the Town of Montgomery or to its designee. Interest on cash escrow deposits shall not accrue to the stakeholder except in exceptional circumstances.

Maintenance guarantee. Where stormwater management and erosion and sediment control facilities are to be operated and maintained by persons or entities other than the Town of Montgomery, the developer, prior to construction, may be required to provide the Town of Montgomery with a cash escrow or an irrevocable letter of credit from an approved financial institution or surety to ensure proper operation and maintenance of all stormwater management and erosion control facilities both during and after construction, and until the facilities are removed from operation. If the developer or landowner fails to properly operate and maintain stormwater management and erosion and sediment control facilities, the Town of Montgomery or its duly authorized designee may draw upon the account to cover the costs of proper operation and maintenance, including engineering and inspection costs.

Recordkeeping. The Town of Montgomery may require persons or entities subject to this § 235-10 to maintain records demonstrating compliance with this § 235-10.