The developer, prior to construction, may be required to provide the Town with an irrevocable letter of credit from an approved financial institution or surety, in form and content acceptable to the Town Attorney, 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 may draw upon the account to cover the costs of proper operation and maintenance, including engineering and inspection costs.