§ 4.2. Optional guarantees.

Latest version.

Before recording final subdivision or development plats, or as a condition of final plat approval, the planning commission may require, and the town council or responsible county council may accept, the following financial guarantees in an amount equal to 125 percent of the cost of installing required improvements.
1.

Escrow account. The applicant may deposit cash or other instruments readily convertible into cash at face value, with the town or in escrow with a bank.

2.

Letter of credit. The applicant may provide an irrevocable letter of credit from a bank or other reputable institution.

(Ord. No. 17-36, 2-6-2018)

                    
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