§ 45-23-46 - General provisions – Construction and/or improvement guarantees.
SECTION 45-23-46
§ 45-23-46 General provisions –Construction and/or improvement guarantees. – (a) The local regulations shall require planning board approval of agreementsfor the completion of all required public improvements prior to final planapproval in the form of (1) completion of actual construction of allimprovements, (2) improvement guarantees, or (3) combination thereof.
(b) Where improvements are constructed without a financialguarantee, the work is to be completed prior to final approval. Allconstruction shall be inspected and approved under the direction of theadministrative officer and according to local regulations.
(c) Improvement guarantees shall be in an amount and with allnecessary conditions to secure for the municipality the actual construction andcomplete installation of all the required improvements, within the periodspecified by the planning board. The amount shall be based on actual costestimates for all required public improvements and these estimates shall bereviewed and approved by the planning board. The board may fix the guarantee ina reasonable amount in excess of the estimated costs to anticipate for economicor construction conditions. Local regulations may include provisions for thereview and/or upgrade of guarantees.
(d) The security shall be in the form of a financialinstrument acceptable to the approving authority and shall enable themunicipality to gain timely access to the secured funds, for cause.
(e) The local regulations shall establish procedures for thesetting of improvement guarantee amounts, for inspections of improvements, foracceptance of improvements by the municipality and for the release of theimprovement guarantees to the applicant. Procedures may include provisions forpartial releases of the guarantees as stages of the improvements are completed,inspected and approved under the coordination of the administrative officer andreported to the planning board.
(f) In the cases of developments and subdivisions which arebeing approved and constructed in phases, the planning board shall specifyimprovement guarantee requirements related to each particular phase.
(g) The planning board may also require maintenanceguarantees to be provided for a one year period subsequent to completion,inspection and acceptance of the improvement(s) unless there are extenuatingcircumstances.
(h) Procedures for the acceptance of required improvementsshall stipulate that all improvements, once inspected and approved, shall beaccepted by the municipality or other appropriate municipal agency formaintenance and/or part of the municipal system.
(i) The municipality is granted the power to enforce theguarantees by all appropriate legal and equitable remedies.