SECTION 1
The subdivider shall, in any amount set by the Board, file with the Town Clerk prior to the approval of the Final Plan, a performance guarantee in the form of a certified check payable to the Town of Sebago or a irrevocable letter of credit running to the Town of Sebago to cover the full costs of required improvements. Any such letter shall be satisfactory to the Board as to form, sufficiency, manner of execution and surety. The certified check or bond shall include an amount required for recreation land or improvements as specified.
SECTION 2
A period of one year (or such period as the Board may determine appropriate, not to exceed three years) shall be set forth in the bond time within which required improvements must be completed.
SECTION 3 INSPECTION OF REQUIRED IMPROVMENTS
1. At least fourteen (14) days prior to commencing construction of required improvements, the subdivider shall notify in writing the Board of time when he proposes to commence construction of such improvements so that the Board can cause inspection to be made to assure that all specifications and requirements shall be met during the construction of the required improvements, and to assure the satisfactory completion of improvements and utilities required by the Board.
2. At least five (5) days prior to commencing construction of required improvements the subdivider shall:
(A) Pay an inspection fee equal to the estimated cost of inspection by an engineer appointed by the Board payable by check to the Town of Sebago stating the purpose of the fee. If actually cost exceeds estimated costs, subdivider sill pay this difference at completion of project. If actual cost is less than the fee deposited by the subdivider, this difference will be returned to the subdivider at the completion of the project.
3. If the inspector shall find, upon inspection of the improvements performed before the expiration date of the performance bond, that any of the required improvements have not been constructed in accordance with plans and specifications filed by the subdivider, he shall so report to the Board. The Board shall then notify the subdivider and if necessary, the bonding company and take all necessary steps to preserve the municipality’s rights under the bond. No plan shall be approved by the Board as long as the subdivider is in default on a previously approved plan.
4. If at any time before or during the construction of the required improvements it is demonstrated to the satisfaction of the inspector that unforeseen conditions make it necessary or preferable to modify the location or design of such required improvements, the inspector may, upon written approval of the Board, authorize modifications, provided these modifications are within the spirit and intent of the Board’s approval and do not extend to the waiver or substantial alteration of the function of any improvements required by the Board. The inspector shall issue an authorization under this section in writing and shall transmit a copy of such authorization to the Board at its next regular meeting.
5. If substantial construction of at least 10% of the estimated cost has not begun within two years from the approval date, the approval shall lapse and the applicant shall re apply to the Board for a new approval. Re-application for approval shall state the reasons why construction was not begun and the reasons why the applicant will be able to begin the activity within two years from the granting of a new approval, if granted. Re application for approval may include information submitted in the initial application by reference.
SECTION 4
Before the Board votes to release any guarantee of the subdivider there under, the Board shall determine that the subdivision requirements have been fulfilled. Such determination shall be a written certification presented to the Board from the following:
1. Registered land surveyor-acceptable to the Board and the subdivider, and paid for by the subdivider, that all permanent bounds or monuments on street lines and on lot lines (if such monuments are required) have been installed and are accurately in place in the location designated on the Final Plan.
2. Engineer representing the Board that the work has been completed in conformance with the Final Plan specifications and requirements.
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