The bill amends Section 45-23-46 of the General Laws in Chapter 45-23, entitled "Subdivision of Land," to update the provisions related to construction and improvement guarantees for the completion of required public improvements. The amendments include changing references from "planning board" to "permitting authority," indicating a shift in the responsible entity for approval of agreements and oversight of public improvement completion. The bill specifies that local regulations must require the permitting authority's approval of agreements for the completion of all required public improvements prior to final plan approval, which can be in the form of actual construction, improvement guarantees, or a combination thereof. It also mandates that all construction be inspected by the appropriate town staff or agents in a timely manner.

The bill introduces several insertions and deletions to the existing law. It allows for improvement guarantees to be in an amount with necessary conditions to secure the municipality's construction and installation of all required improvements. The permitting authority is given the power to approve cost estimates and set the guarantee amount. The security for guarantees is expanded from a single financial instrument to multiple forms as set forth in local regulations, with at least three acceptable forms of financial security provided. The bill also outlines procedures for setting guarantee amounts, inspections, acceptance of improvements, and release of guarantees. Additionally, it allows for maintenance guarantees not to exceed ten percent of the original guarantee amount or the original cost of public improvements if no guarantee was required. The act is set to take effect on January 1, 2025.

Statutes affected:
3000  SUB A: 45-23-46
3000: 45-23-46