2005 Vermont Code - § 4419. — Bond term and forfeiture

§ 4419. Bond term and forfeiture

The performance bond required by section 4418 of this title shall run for a term to be fixed by the planning commission, but in no case for a longer term than three years. However, the term of such bond may, with the consent of the owner, be extended for an additional period not to exceed three years. If any required improvements have not been installed or maintained as provided within the term of such performance bond, such bond shall be forfeited to the municipality and upon receipt of the proceeds thereof the municipality shall install or maintain such improvements as are covered by such performance bond. (Added 1967, No. 334 (Adj. Sess.), § 1, eff. March 23, 1968.)