5.3.1 Assurance for Completion of Improvements

1. Bond. In lieu of the completion of the improvements, the subdivider shall file a surety bond with the Commission to secure the actual installation of sewer, water, sub-surface drainage, paving of streets, and sidewalk intersections in a satisfactory manner, within a period not exceeding two years from the Preliminary Plan approval date.  Monuments (permanent markers) may be in a separate bond.  All such bonds shall be in an amount adequate to cover the cost of the improvements, as determined by the Commission, with surety and conditions satisfactory to the Commission.

Surety bonds for the installation of electrical and telephone distribution systems may be waived in those instances where franchised utility companies and the subdivider certify that satisfactory financial arrangements between the subdivider and the franchised utility companies have been made and that the said utilities will be installed in accordance with the requirements of this section.

2. Maintenance of Common Areas or Facilities.  For a subdivision which contains sewers, sewage treatment plants, water supply systems, stormwater management systems, park areas, street trees or other physical facilities necessary or desirable for the welfare of the area, or that are for common use or benefit, which are not or cannot be satisfactorily maintained by any existing public agency, provision shall be made by trust agreement for the proper and continuous maintenance and supervision by the subdivider of such facilities.  The trust agreement shall become a part of the deed restrictions, acceptable to any agency having jurisdiction over the location and improvement of such facilities. (see Section 3.2.11.g and i).