The performance guaranty must run in favor of
the Township and be in an amount not to exceed 120%, rounded to the
nearest dollar, of the cost of installation of improvements the Township
may deem necessary or appropriate, including, but not limited to,
streets, grading, pavement, gutters, curbs, sidewalks, streetlighting,
shade trees, surveyor's monuments (as shown on the final map and required
by the Map Filing Law, N.J.S.A. 46:23-9.9 et seq.), water main, culverts,
storm sewers, sanitary sewers or other means of sewage disposal, drainage
structures, erosion control and sedimentation control devices, public
improvements and landscaping, provided that no more than 10% of the
total performance guaranty shall be in cash and the balance shall
be in the form of a surety bond issued by a bonding company licensed
to do business in the State of New Jersey or a letter of credit issued
by a banking institution licensed to do business in the State of New
Jersey. Such bond or letter of credit must conform to statutory requirements
and be approved and accepted by the Township governing body. The Township
Engineer shall review the improvements required by the reviewing board
which are to be bonded and itemize their cost. This itemization shall
be the basis for determining the amount of the performance guaranty
required by the Township and the inspection fees based thereon, and
the estimate shall be appended to the performance guaranty. The Township
Engineer shall forward his or her estimate of the cost of improvements
to the applicant within 30 days after the date of receipt of a request
sent by certified mail for this estimate. In the event that any of
the improvements to be installed are covered by a performance guaranty
to another governmental agency, no performance guaranty shall be required
from the Township for such improvements.