(1) Performance Bond. When public street or private road improvement is required pursuant to CMC 17.34.130 or 17.34.140, the subdivider may deposit, in lieu of construction, a performance bond or other satisfactory security with the town engineer in an amount equal to the estimated cost of said improvements and inspection, as furnished by the town engineer, as a guarantee that said applicant will, within six months from the date of recording of said final plat, fully comply with all required private road or public street improvements, consistent with applicable adopted county grading, surfacing, drainage, and access standards and specifications.

(2) Letter of Credit. In lieu of a performance bond, the town may consider requiring the developer to either provide a letter of credit from a bank or an assignment of savings to insure that the improvements are constructed or the town can use the letter of credit or assignment of savings to construct the improvements. (Ord. 665 § 15, 2022)