The town engineer may require the applicant to furnish security in the form of a bond, cash escrow account, an irrevocable letter of credit, or other security which may be acceptable to the town in its sole discretion, in an amount determined by the town engineer to be sufficient to reimburse the town if it should become necessary for the town to enter the property to correct hazardous conditions relating to soil stability, erosion, or environmental damage caused by failure to complete the work or improper action. [Ord. 378 § 2 (Exh. 1), 1999.]