2005 Vermont Code - § 4418. — Subdivision bylaws

§ 4418. Conditions to plat approval

No plat may be approved unless the streets and other required public improvements have been satisfactorily installed in accordance with the plat and the subdivision regulations. In lieu of the completion of the required public improvements, the planning commission or the development review board may require from the owner for the benefit of the municipality, a performance bond issued either by a bonding or surety company approved by the legislative body or by the owner with security acceptable to the legislative body, in an amount sufficient to cover the full cost of said new streets and required improvements on or in said streets or highways and their maintenance for a period of two years after completion as is estimated by the planning commission or the development review board or such municipal departments or officials as the commission or the board may designate. Such bond or other security shall provide for, and secure to the public, the completion of any improvements which may be required within the period fixed in the subdivision regulations for such completion, and for the maintenance thereof for a period of two years after completion. (Added 1967, No. 334 (Adj. Sess.), § 1, eff. March 23, 1968; amended 1993, No. 232 (Adj. Sess.), § 10, eff. March 15, 1995.)