Following completion of all public improvements, a letter of credit, surety, cash deposit or other acceptable security in an amount determined by the town engineer and in a form approved by the town attorney shall be deposited with the town to guarantee the improvements for a period of twenty four (24) months from final acceptance. The warranty guarantee shall be twenty five percent (25%) to one hundred percent (100%) of the construction costs; the percentage determination shall be based on replacement costs and determined by the town engineer. The developer may elect to submit only one (1) guarantee to the town which satisfies the requirements of both sections 10-4-7-2 and 10-4-7-3 of this chapter. (Ord. 3, Series 2022)