[Added 1-22-1991 by L.L. No. 2-1991]

A. Whenever the Planning Board shall require the posting of a cash deposit or performance bond to ensure the completion of improvements as set forth pursuant to Town Law §277, Subdivision 1, the approval of, the acceptance of and any subsequent reduction in or release of such a deposit or bond shall be made by the Director of the Department of Audit and Control upon the written recommendation of the Director of Planning and in accordance with this section.

B. Applicants shall submit bonds or deposits to the Director of Planning in accordance with the requirements of plat or site plan approval. Such bond or deposit shall be referred to the Director of the Department of Audit and Control, who shall accept only a performance bond of a surety company authorized to do business as such in New York State or a certified check on behalf of the applicant in the amount, form, sufficiency and manner of execution satisfactory to insure completion of the improvements in the event of the applicant's default therein.

C. Any reduction in or release of the principal amount of any bond or deposit shall be made by the Director of the Department of Audit and Control only upon the written recommendation of the Director of Planning that material progress in or completion of all improvements subject of the bond or deposit have been satisfactorily made. When satisfied, the Director of Planning's recommendation to reduce or release the obligation shall become effective only after the passage of fourteen (14) days after notice thereof has been filed with the Town Board and no objection thereto shall have been made by resolution of the Town Board. Upon passage of the aforementioned fourteen (14) days, the Director of the Department of Audit and Control may release the bond or deposit.