An improvement guarantee shall be in the form of a financial instrument acceptable
to the Town Manager and shall be accessible to the Town at such time when use of such
funds is authorized. Performance and maintenance guarantees may be provided by a variety
of means including, but not limited to, the following:
A. Security Bond. The developer may obtain a security bond from a surety bonding company authorized
to do business in the State of Rhode Island.
B. Letter of Credit. The developer may provide an irrevocable letter of credit from a bank or other reputable
institution.
C. Escrow Account. The developer may deposit cash, or other instruments readily convertible into cash
at face value, either with the Town or in escrow with a bank.
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