A. 
When requested by the developer in order to facilitate financing, the township, if designated, shall furnish the developer with a signed copy of a resolution indicating approval of the drainage plan contingent upon the developer's obtaining a satisfactory financial security. The drainage plan shall not be approved until the financial improvements agreement is executed. The resolution or letter of contingent approval shall expire and be deemed to be revoked if the financial security agreement is not executed within 90 days, unless a written extension is granted by the township; such extension shall not be unreasonably withheld and shall be placed in writing at the request of the developer.
B. 
The developer shall provide the township financial security as a performance guaranty in a form to be approved by the Township Solicitor. Documentation of the financial security is to be provided in the drainage plan submission as per § 91-13C of this chapter.
C. 
Without limitation as to other types of financial security which the township may approve, which approval shall not be unreasonably withheld, federal- or commonwealth-chartered lending institution irrevocable letters of credit and restrictive or escrow accounts in such lending institutions shall be deemed acceptable financial security for the purposes of this section.
D. 
Such financial security shall be posted with a bonding company or federal- or commonwealth-chartered lending institution chosen by the party posting the financial security, provided that said bonding company or lending institution is authorized to conduct such business within the commonwealth.
E. 
Such bond or other security shall provide for and secure to the public completion of the installation of all stormwater management facilities on or before the date fixed on the approved drainage plan for the completion of such facilities.
F. 
The amount of financial security to be posted shall be equal to 110% of the cost to install the required facilities estimated as of 90 days following the date scheduled for completion by the developer. Annually, the township may adjust the amount of the financial security by comparing the actual cost of the facilities which have been installed and the estimated cost for the completion of the remaining facilities as of the expiration of the 90th day after either the original date scheduled for completion or the rescheduled date of completion. Subsequent to said adjustment, the township may require the developer to post additional security in order to assure that the financial security equals said 110%. Any additional security shall be posted by the developer in accordance with this subsection.
G. 
The amount of financial security required shall be based upon an estimate of the cost of completion of the required facilities submitted by an applicant or developer and prepared by a professional engineer licensed as such in this commonwealth and certified by such engineer to be a fair and reasonable estimate of such cost. The township, upon the recommendation of the Township Engineer, may refuse to accept such estimate for good cause shown. If the applicant or developer and the township are unable to agree upon an estimate, then the estimate shall be recalculated and recertified by another professional engineer licensed as such in this commonwealth and chosen mutually by the township and the applicant or developer. The estimate certified by the third engineer shall be presumed fair and reasonable and shall be the final estimate. In the event that a third engineer is so chosen, fees for the service of said engineer shall be paid equally by the township and the applicant or developer.
H. 
If the developer requires more than one year from the date of posting of the financial security to complete the required facilities, the amount of financial security may be increased by an additional 10% for each one-year period beyond the first anniversary date from posting of financial security or to an amount not exceeding 110% of the cost of completing the required facilities as reestablished on or about the expiration of the preceding one-year period by using the above bidding procedure.
I. 
Financial security for staged development. In the case where development is projected over a period of years, the township may authorize submission of drainage plan applications by sections or stages of development so as to require or guarantee that stormwater management facilities in both current and future stages of development will provide the protection of the finally approved stage of the development.
J. 
Release of financial security. As the work of installing the required stormwater management facilities proceeds, the developer posting the financial security may request the township to release or authorize the release of, from time to time, such portions of the financial security necessary for payment to the contractor or contractors performing the work. Any such requests shall be in writing addressed to the township, which shall have 45 days from receipt of such request within which to allow the Township Engineer to certify, in writing, to the township that such portion of the work upon the facilities has been completed in accordance with the approved plan. Upon such certification, the township shall authorize release by the bonding company or lending institution of an amount as estimated by the Township Engineer fairly representing the value of the facilities completed, or, if the township fails to act within said forty-five-day period, the township shall be deemed to have approved the release of funds as requested. The township may, prior to final release, require retention of 10% of the estimated cost of the aforesaid facilities. The final release of the financial security provisions shall be permitted only after receipt by the township of certification and as-builts as required in §§ 91-18 and 91-19.
K. 
Where the township accepts dedication of all or some of the required facilities following completion, the township may require the posting of financial security to secure structural integrity of said facilities as well as the functioning of said facilities in accordance with the design and specifications as depicted on the drainage plan for a term not to exceed 18 months from the date of acceptance of dedication. Said financial security shall be of the same type as otherwise required in this section with regard to installation of such facilities, and the amount of the financial security shall not exceed 15% of the actual cost of installation of said facilities.
L. 
Based on the report of the Township Engineer, the township shall indicate approval or rejection of the stormwater management facilities, either in whole or in part; and, if not approved, state reasons for the rejection. The township shall notify the developer within 15 days of receipt of the Engineer's report, in writing by certified or registered mail, of its actions.
M. 
If the township or the Township Engineer fails to comply with the time limitation provisions contained herein, all stormwater management facilities will be deemed to have been approved and the developer shall be released from all liability pursuant to its performance guaranty bond or other security agreement.
N. 
If any portion of said improvements are not approved or are rejected by the township, the developer shall proceed to complete the same and, upon completion, the same procedure of notification as outlined herein shall be followed.
O. 
Nothing herein, however, shall be construed in limitation of the developer's right to contest or question by legal proceedings or otherwise any determination of the township or the Township Engineer.
P. 
Where herein reference is made to the "Township Engineer," he or she shall be as a consultant thereto.
Q. 
Remedies to effect completion of facilities. In the event that any stormwater management facilities which may be required have not been installed as provided in this chapter or in accordance with the approved final plan, the township has the power to enforce any corporate bond or other security by appropriate legal and equitable remedies. If proceeds of such bond or other security are insufficient to pay the cost of installing or making repairs or corrections to all the facilities covered by said security, the township may, at its option, install part of such facilities in all or part of the development and may institute appropriate legal or equitable action to recover the moneys necessary to complete the remainder of the facilities. All of the proceeds, whether resulting from the security or from any legal or equitable action brought against the developer, or both, shall be used solely for the installation of the stormwater management facilities covered by such security and not for any other purpose.
A. 
The maintenance responsibilities for permanent stormwater management facilities shall be determined based upon the type of ownership of the property and/or facilities. The following priority process was established for facility ownership and maintenance responsibility:
(1) 
As first priority, the property and facilities are owned by a private entity which shall be responsible for maintenance. A "private entity" shall be defined as an association, public or private corporation, partnership firm, trust, estate or any other legal entity empowered to own real estate exclusive of an individual lot owner.
(2) 
As second priority, the facilities shall be dedicated to the township which shall be responsible for maintenance which requires the establishment of maintenance guaranties as described in § 91-26. For certain types of facilities, the township may benefit by transferring the maintenance responsibility to an individual or group of individuals residing within the controlled area. These individuals may have the permanent stormwater control facilities adjacent to their lots or otherwise have an interest in the proper maintenance of the facilities. In these instances, the township and the individuals may enter into a formal agreement for the maintenance of the facilities. The township shall maintain ownership of the facilities and be responsible for periodic inspections.
(3) 
As third priority, the property and facilities are owned by an individual lot owner who shall be responsible for maintenance.
B. 
The failure of any person, individual lot owner or private entity to properly maintain any stormwater management facility shall be construed to be a violation of this chapter and is declared to be a public nuisance, subject to Article VIII, Enforcement and Penalties.
Upon approval of any stormwater management facilities by the township, the developer shall provide financial security in a form approved by the Township Solicitor for maintenance guaranties, as follows:
A. 
Construction maintenance bond. The township may require the posting of a maintenance bond to secure the structural integrity of said facilities as well as the functioning of said facilities in accordance with the design and specifications as depicted on the approved drainage plan for a term not to exceed 18 months from the date of acceptance of dedication. Said financial security shall be the same type as required in § 91-24 with regard to installation of such facilities, and the amount of the financial security shall not exceed 15% of the actual cost of installation of said facilities.
B. 
Long-term maintenance bond. The long-term maintenance bond shall be in an amount equal to the present worth of maintenance of the facilities for a ten-year period. The estimated annual maintenance cost for the facilities shall be based on a fee schedule provided by the Township Engineer and adopted by the township. The fee schedule must be reasonable.
C. 
Documentation. The terms of the maintenance guaranties shall be documented as part of the drainage plan as per § 91-13D of this chapter.
When a private entity (such as a homeowners' association) retains ownership of any stormwater management facility, such entity shall be responsible for maintenance of the facility. The stated responsibilities of the entity in terms of owning and maintaining the facilities shall be submitted with the drainage plan for determination of their adequacy. Approval of the drainage plan shall be conditioned upon the approval of these terms. These terms shall be in writing, shall be in recordable form and shall, in addition to any other terms deemed necessary by the township, contain a provision permitting inspection at any reasonable time by the township or its designee of all such facilities deemed critical in the public welfare.
When a stormwater management facility is located on an individual lot and when maintenance thereof is the responsibility of that landowner, a description of the facility or systems and the terms of the required maintenance shall be incorporated as a part of the deed to the property. The deed shall be recorded with the Wayne County Recorder of Deeds within 90 days following township approval. In addition, the township may require, as a condition of approval, that a deed conveying any interest in such lot contain language indicating that the conveyance is subject to an express covenant by the grantee that the grantee will maintain the stormwater management facility.