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Chapter 109
SURETIES
[HISTORY: Adopted by the
Town of Henniker 7‑16‑1991. Amendments noted where applicable.]
GENERAL REFERENCES
Building construction
fees ‑‑ See Ch. 25. Earth removal -- See Ch. 201
Insurance ‑‑
See Ch. 58.
Land subdivision -- See Ch. 202
~ 109‑1. Beneficiary.
All sureties will be solely in favor of and
for the Town of Henniker.
~ 109‑2. Acceptance of surety required.
No work or physical changes may be made until
the Selectmen or their appointed representative accepts the surety. Such
surety must be in a form acceptable to the Board of Selectmen.
~ 109‑3. Planning Board subdivision
sureties.
Documentation of sureties for Planning Board
subdivision shall specifically state:
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The Planning Board Subdivision approval
number and date assigned and the location of the subdivision.
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Subdivision approval date.
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Subdivision plat number.
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Address of the subdivision.
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Names, address and phone number of
principal(s) of subdivision for purposes of surety coordination/questions,
if necessary.
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One or several sureties may be accepted for
staged releases of the surety. However, specific descriptions of what
portions/sections are to be completed by length, width and time schedule
must be clearly stated.
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Copy of road construction agreement
attached.
~ 109‑4. Gravel restorations.
Sureties required for gravel excavation
restorations must include:
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Date of final Planning Board approval.
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Address of the excavation.
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Number of acres to be restored.
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Any specific agreements as to completed
restoration as related to partial surety return if satisfactorily completed.
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Name of owner of excavation area.
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Name of specific excavation
managers/principals if providing surety.
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Date of excavation permit expiration.
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Attach any written agreement between the
Planning Board and the owner/principal.
~ 109‑5. Roads and bridges.
Road/bridge surety (for vehicles that may
cause damage to town‑maintained roads) documentation shall specifically state:
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Name of principal(s).
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Date start/end; date of agreement between
Selectmen and principal.
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What specific length of road: street names;
distance involved.
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From what damage may this surety be used
(any damage, road damage, bridge sidewalk, signs, etc.)
~ 109‑6. Type of surety.
All bonds, sureties, cash or other
arrangements must be agreed upon as to type of surety by all interested
boards, Selectmen and the principals.
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109‑7. Dedicated account; interest.
All cash/checks/certificates of deposit
sureties will be immediately given to the Town Treasurer for retention in a
dedicated account established for the particular project or work. Other types
of sureties will be secured in a fireproof vault under control of the
Selectmen and Town Treasurer. Any and all interests earned shall be added to
the amount returned to the principal. Conversely, any and all interest earned
by the surety shall become the property of the Town of Henniker if the surety
is called to be used for the completion/repair/correction of the object the
surety was posted for.
~ 109‑8. Signatures required for release of
surety.
Planning Board required sureties will not be
released for the satisfactory completion of any and all
requirements/agreements without the signature of the Planning Board Chair and
the majority of the Board of Selectmen. A majority of the Selectmen's
signatures will be required on any request to the surety fund holder to
liquidate the surety for the town. Such request shall substantiate the reason
the surety is called, i.e., expiration of surety life, unsatisfactory work,
damage to road, work not completed, etc.
Road, bridge, etc., sureties will not be
released without the signatures of a majority of the Selectmen. A majority of
the Selectmen's signatures will be required on any request to the surety fund
holder to liquidate the surety for the town. Such request shall substantiate
the reason the surety is called, i.e., expiration of surety life,
unsatisfactory work, damage to road, work not completed, etc.
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109‑9. Renewal of liquidation of surety.
All bonds, sureties and surety agreements
must contain the following stipulation:
Not later than 10 calendar days prior to the expiration of a surety, the
principal (surety provider) shall arrange with the Selectmen in writing for
the exchange of the soon‑to‑expire surety with the holder. At no time is the
surety document to leave the control of the Selectman or their designated
representative. Specifically, a letter of credit does the town no good if the
original is not in their possession to present either for cash or for the
renewed letter of credit, etc. A date‑stamped photocopy receipt should be
provided if requested.
In the event no arrangements have been made
to extend or renew the surety by the principal within five days prior to the
expiration, the surety shall be called and liquidated on the signatures of a
majority of the Board of Selectmen.
~ 109‑10. Notice of status.
The status of sureties in any form shall be
maintained by the Selectmen's office. At the first meeting of each month, the
Town Administrator shall provide to the Selectmen a notice concerning the
status of all sureties.
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