No final plat shall be approved by the Joint
Planning Board until the completion of all such required improvements
has been certified to the Joint Planning Board by the Municipal Engineer,
unless the subdivision owner shall have filed with the municipality
a performance guaranty sufficient in amount to cover the cost of all
such improvements or uncompleted portions thereof as estimated by
the Municipal Engineer, and assuring the installation of such uncompleted
improvements on or before an agreed date. Such performance guaranty
may be in the form of a performance bond which shall be issued by
a bonding or surety company approved by the governing body; a certified
check, returnable to the subdivider after full compliance; or any
other type of surety approved by the Municipal Attorney.
[Amended 4-22-1993 by Ord. No. 0-1-93]
A. The performance guaranty shall be approved by the
Joint Planning Board Attorney as to form, sufficiency and execution.
Such performance guaranty shall run for a period to be fixed by the
Joint Planning Board but in no case for a term of more than three
years. However, the time allowed for installation of the improvements
for which the performance guaranty has been provided may be extended
by the Township Council by resolution. As a condition or as part of
any such extension, the amount of any performance guaranty shall be
increased or reduced, as the case may be, to an amount not to exceed
120% of the cost of the installation, which cost shall be determined
by the Township Engineer according to the method of calculation set
forth in Section 15 of P.L. 1991, c. 256 (N.J.S.A. 40:55D-53.4) as
of the time of the passage of the resolution.
B. If the required improvements are not completed or
corrected in accordance with the performance guaranty, the obligor
and surety, if any, shall be liable thereon to the municipality for
the reasonable cost of the improvements not completed or corrected,
and the Township may, either prior to or after receipt of the proceeds
thereof, complete such improvements.