Financial guarantees.

The Town of Webster's Public Works Department may, at its discretion, require the applicant to submit a financial guarantee in a form acceptable to the Town of Webster's Public Works Department prior to issuance of site plan approval or a permit in order to insure that the stormwater pollution prevention and erosion and sediment control practices are implemented and maintained by the applicant as required by the approved SWPPP. The amount of the financial guarantee shall be the total estimated construction cost of the stormwater pollution prevention and erosion and sediment control practices approved, plus a contingency. The financial guarantee shall contain forfeiture provisions for failure to complete work specified in the SWPPP. The financial guarantee shall be released in full only upon satisfaction of the requirements listed in § 289-11 of this article. At its discretion, the Town of Webster's Public Works Department may allow for a partial release of the financial guarantee based on the completion of various development stages.