Source: https://ecode360.com/6321979
Timestamp: 2018-06-21 11:56:11
Document Index: 190738075

Matched Legal Cases: ['§ 165', '§ 165', '§ 165', '§ 277', '§ 10', '§ 277']

Town of Poughkeepsie, NY Securities and Obligations, Cancellation of
§ 165-2 Findings and intent.
§ 165-3 Legislative authority.
§ 165-5 Procedure for cancellation.
Chapter 165: Securities and Obligations, Cancellation of
[HISTORY: Adopted by the Town Board of the Town of Poughkeepsie 10-24-1990 by L.L. No. 16-1990. Amendments noted where applicable.]
Chapter 165 : Securities and Obligations, Cancellation of
This chapter shall be known and cited as the "Cancellation of Pledge Securities."
The Planning Board of the Town of Poughkeepsie is authorized, by § 277 of Town Law, to require owners or developers of certain developments in the Town of Poughkeepsie to pledge securities to support their performance obligations in the form of a performance bond, letter of credit or other securities acceptable to the Town Board of the Town of Poughkeepsie as a prerequisite to the receipt of final approvals for subdivision plats.
The Planning Board of the Town of Poughkeepsie does normally set the amount of the security and the form thereof, subject to a review and acceptance by the Town Board of the Town of Poughkeepsie.
The Planning Board of the Town of Poughkeepsie and the Town Board of the Town of Poughkeepsie have heretofore authorized and accepted performance bonds or letters of credit as security.
It has been the policy of the Town Board of the Town of Poughkeepsie and the Planning Board of the Town of Poughkeepsie to receive and review applications for a reduction in the amount of the security at various stages, prior to the obligor's completion of all responsibilities and conditions under the obligation.
The practice of receiving and allowing reductions of the pledged security during the course of the completion of the projects has been determined to be detrimental to the efficiency of the Town Board of the Town of Poughkeepsie, to the Planning Board of the Town of Poughkeepsie and to the agents, servants and employees of the Town of Poughkeepsie, and furthermore, such procedure has failed to adequately protect the general health, welfare and safety of the residents of the Town of Poughkeepsie because the obligations are left incomplete or completed to a minimum standard.
This chapter, to amend the procedure for review of applications for cancellation of bonds and to require that no interim reductions of pledged securities shall be authorized, is enacted pursuant to § 10, Subdivision 1(ii)d(3), of the Municipal Home Rule Law. This chapter expressly amends and supersedes some provisions of § 277 of the Town Law of the State of New York.
One who is obligated by the action of the Town Board, the Town Planning Board or any agency of the Town to fulfill the conditions as set forth as a requirement for subdivision approval.
Performance bond, letter of credit or bank account.
When an obligor has completed all obligations required as a condition of his or her subdivision approval which are covered by the security, than said obligor shall forward a written request to the Town Clerk of the Town Board for an order canceling the obligation.
If the amount of the obligation has heretofore been set by the Planning Board of the Town of Poughkeepsie, upon receipt of the request from the obligor, the Town Clerk shall place the request on the next Town Board agenda, at which time the Town Board shall refer the matter to the Planning Board for review and recommendation. The Planning Board, upon receipt of the application, shall schedule a public hearing to consider this matter and shall place the same on the next available agenda of the Board's meeting. Said Board, prior to conducting the hearing, shall request and receive reports from all interested departments of the Town of Poughkeepsie and the Fire Department having jurisdiction over the property where appropriate.
The Planning Board shall hold the public hearing.
The Planning Board, subsequent to the public hearing, shall issue a written report to the Town Board that the project is complete and that, in the Planning Board's opinion, the security can be released. If the project is not complete, as determined by the Planning Board after its public hearing, then said Planning Board shall so advise the Town.
Thereafter, the Town Board, at a regularly scheduled meeting, shall review the findings of the Planning Board as to completeness and finalize the appropriate action concerning the security.
The Town Board, prior to taking any action, may also refer the matter to the appropriate department heads in the Town of Poughkeepsie, including the Fire District having jurisdiction over the site, if it so desires, and may hold a public hearing and thereafter take whatever action is deemed appropriate. In no event shall there be a reduction in any obligation for work completed by the obligor that is less than full completion of all conditions of the approval.