§ 165-12. Performance guarantee.

A. 

After the approval of the application and before the issuance of any permit, the applicant shall file with the Town Clerk an amount of the estimated cost of the erosion and sedimentation control measures as submitted under § 165-10D of this chapter and accepted by the Town, one of the following performance guarantees:

(1) 

A certified check;

(2) 

Cash;

(3) 

A letter of credit from a bank approved by the Town.

B. 

The Authorized Official may grant a waiver of such guarantee if he deems the proposed activities to be of minor scope and to be consistent with the provisions of this chapter.

C. 

The Town shall accept the performance guaranty only if the party or parties filing the performance guarantee agrees that upon the termination of the permit or the operation, whichever may come first, the project shall be in conformity with both the approved specific requirements of the permit and the provisions of this chapter; and that in the event of default of such and/or violation of any other applicable laws, such performance guarantee shall be forfeited to the Town. Such performance guarantee 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 insure that all provisions of this chapter and of the permit have been met.

D. 

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.