Prior to the issuance of a building permit and for each year thereafter, the major solar energy system owner and/or landowner shall file with the Codes Officer evidence of financial security to provide for the cost of decommissioning and removing the solar energy system and restoring the site, including, but not limited to, legal fees, court costs, and expenses, in the event the system is not removed by the system owner and/or landowner. Evidence of financial security shall be in effect throughout the life of the system and shall be in the form of an irrevocable letter of credit, surety bond, or other security acceptable to the Town Board. The financial security shall include an auto-extension provision, be nonterminable, and issued by an A-rated institution solely for the benefit of the Town. The Town shall be entitled to draw on the financial security in the event that the major energy system's owner and/or landowner is unable or unwilling to commence decommissioning activities within the time periods specified herein. No other parties, including the owner and/or landowner, shall have the ability to demand payment under the letter of credit or surety bond. Upon completion of decommissioning, the owner and/or landowner may petition the Town Board to terminate the letter of credit or surety bond. In the event ownership of the system is transferred to another party, the new owner (transferee) shall file evidence of financial security with the Town at the time of transfer, and every year thereafter, as provided herein.