[Amended 12-29-1999 by Ord. No. 99-16]
If either the Planning Board or the Planning Board acting as a Board of Adjustment determines that a land development application requires a traffic study, then, in accordance with the provisions of N.J.S.A. 40:55D-53.1 et seq., either the Planning Board or Planning Board acting as a Board of Adjustment shall notify the land development applicant that a traffic study is necessary for the proper review and analysis of said application. In lieu of having the applicant hire a traffic consultant to prepare said study, the applicant shall deposit with the Borough sufficient funds so as to allow the Borough to contract for professional engineering services in order to prepare the traffic study for the application. Once the study is completed, a copy shall be furnished to the applicant, as well as to the board of jurisdiction. The Chief Financial Officer of the Borough shall also, simultaneously with providing the applicant with a copy of the traffic study, prepare and send to the applicant a statement advising as to the cost of the study and the balance, if any, remaining in the applicant's land development escrow account which shall be utilized to pay for said study. If there are insufficient funds in said escrow account, the applicant, within reasonable time period, shall post an additional deposit to said account to cover the cost of said traffic study and such other consulting expenses as are authorized by the above-referenced provisions of Chapter 291, Laws of New Jersey, 1975, as amended from time to time.