The applicant shall provide a financial guarantee to the Municipality for the timely installation and proper construction of all stormwater management controls as required by the approved drainage plan and this chapter equal to 110% of the construction cost of the required stormwater controls estimated as of 90 days following the date scheduled for completion by the developer. The improvement guarantee shall follow the procedures and requirements specified for financial guarantees in Chapter
315, Subdivision and Land Development, and the Pennsylvania Municipalities Planning Code, Act 247 of 1968, P.L. 805, 53 P.S. § 10101.