The party posting the financial security may request
the Borough Council to release or authorize release, from time to
time, such portions of the financial security necessary for payment
to the contractors performing the work. Any such requests shall be
in writing addressed to the Borough Council, and the Council shall
have 45 days from receipt of such requests within which to allow the
Borough Engineer to certify, in writing, to the Borough Council that
such portion of the work upon the improvements has been completed
in accordance with the approved subdivision or land development plan.
Upon such certification, the Borough Council shall authorize release
by the bonding company or lending institution of an amount as estimated
by the Borough Engineer fairly representing the value of the improvements
completed. If the Borough Council fails to act within said forty-five-day
period, the Council shall be deemed to have approved the release of
funds as requested. The Borough Council may, prior to final release
at the time of completion and certification by the Borough Engineer,
require retention of 10% of the estimated cost of the aforesaid improvements.