Performance guaranty.

A. After the approval of the application and before the issuance of any permit, the applicant shall file with the Town Clerk, in an amount of the estimated cost of the project as submitted under § 146-9C (4) of this article verified by the authorized official, one of the following performance guaranties:(1) A certified check.(2) A performance bond which shall be satisfactory to the Town Board and the Town Attorney as to form, sufficiency, manner of execution, surety and period of execution.(3) A letter of credit from a bank approved by the Town Board and Town Attorney.B. The Chairperson of the Town Planning Board may grant a waiver of such guaranty if he/she deems the proposed activities to be of minor scope and to be consistent with the provisions of this article.C.

The party or parties filing the performance guaranty shall provide that either upon termination of the permit or the project activity, whichever shall first occur, the project shall be in conformity with both the approved specific requirements of the permit and the provisions of this article. In the event of default of such and violation of any other applicable laws, such performance guaranty shall be forfeited to the town. The Town shall return to the applicant any amount that is not needed to cover the costs of restoration, administration and any other expenses incurred by the Town as a result of the applicant's default.

Such performance guaranty shall continue in full force and effect until a certificate of compliance shall have been issued by the authorized official after such consultation with any agencies or individuals as he deems necessary to ensure that all provisions of this article and of the permit have been met.