A. As a condition of final plat approval, the applicant must post a completion security to ensure completion of the improvements within one year of the permit approval.

B. The amount of the completion security will be 150 percent of the estimated cost of design, materials, and labor, on the last day covered by the security, of installing the improvements covered by the security.

C. The mayor and the applicant must sign a notarized security agreement, approved in form by the town attorney, in accordance with SPMC 15.02.130. [Ord. 378 § 2 (Exh. 1), 1999.]