§ 10. BOND REQUIREMENTS

(a)

To assure the completion of the improvements, to the extent required by these regulations or which may be required by the Board, including the setting of all monuments, the construction of all roads and the installation of all required drainage facilities within two (2) years of the date of the approval of the Record Subdivision Plan, and where required, the dedication of any land to the public use within two (2) years and three (3) months of such approval, the applicant shall within thirty (30) days of the approval of line and grades by the Board and prior to the filing of the Record Map, file with the City Clerk (A) a Surety Bond in favor of the City of Shelton executed by a Surety Company authorized to enter into such bonds under the laws of this State or (B) an equivalent amount of cash or (C) a certified check which shall be in such amount and in such form and contain such conditions as the Board shall require. The Bond or other security shall not be released until the Board, upon written statement by the City Engineer and the Street Commissioner, shall have determined that all of the Bond conditions have been fully satisfied and streets, boulevards, highways or public ways have been formally accepted as thoroughfares by the Shelton Board of Aldermen. There shall be a portion of said bond which shall not be released until one year after completion of any road. The amount of said portion of said bond shall be determined by the Board of Aldermen subject to the approval of the City Engineer. (10-3-57)