1. There must be filed with the Town Treasurer, a continuous bond or deposit of money in the minimum amount of One-thousand dollars ($1,000) per acre to be excavated, and shall be of a sufficient amount to cover ten (10) acres, or the total parcel, whichever is smaller, as determined by and satisfactory to the Board.

2. After completion of the total project, and at the applicant's written request, the Board may grant a partial release of any security posted by the applicant. One (1) year after such a partial release is granted and if in the opinion of the Board, no damage or deterioration to the finished project has developed, the Board will issue a final release of the security. If, during the year following the date of a partial release, slumping, gullying, erosion, or any other unsatisfactory condition appears, the applicant shall be responsible for, and shall make any necessary repairs, before final release or security is granted. The bonding agent shall be required to give the Board of Appeals, by Registered or Certified mail, a sixty (60) day notice prior to any termination or cancellation of the bond.