As the required improvements are completed, the applicant who has posted
a performance/improvement guaranty may request the Borough to release or authorize
the release of such portions of the financial security necessary for payment
to the contractor(s) performing the work.
A. The applicant shall submit a written request to the Borough
Council for a partial release of the financial security. The written request
shall include a description of the improvement(s) completed and an estimate
of the value of the improvements completed.
B. Within 45 days from receipt of the written request:
(1) The Borough Council shall authorize the Borough Engineer
to inspect the completed improvements.
(2) The Borough Engineer shall submit a written report indicating
whether the improvements were correctly completed and indicating an estimated
amount fairly representing the value of the improvements completed.
(3) The Borough Council shall act on the Borough Engineer's
report by denying the request or by authorizing release from the financial
security based on the Borough Engineer's estimated value of the completed
improvements. If a release of funds is authorized, the Borough Council may
require retention of 10% of the value of completed improvements.
C. If the Borough fails to act within the forty-five-day
period, all completed improvements will be deemed approved as completed and
failure to act shall be deemed to have approved the release of funds as required.
The Borough Council shall not accept any public improvements for operation
and maintenance purposes by the Borough until all requirements of this chapter
and all other applicable Borough ordinances have been fully complied with.
Prior to Borough acceptance of the public improvements, the following shall
be submitted to the Borough Council:
A. A deed of dedication in such form as shall be approved
by the Borough Solicitor.
B. Documentation from the contractor who was responsible
for the construction of the public improvements, certifying that all labor
and material costs incurred during construction of said public improvements
have been paid in full.
C. Documentation certifying that all charges and fees as
required by the Borough under the provisions of this chapter have been paid
in full by the applicant.
D. Official documentation of the Borough Council's
action approving all of the required public improvements.
E. Documentation from a Pennsylvania registered professional
engineer, other than the Borough Engineer, certifying that the improvements
offered for acceptance have been constructed in accordance with the final
plans and final documents approved by the Borough Council and the provisions
of this chapter. Where there have been deviations from said final plans and
final documents, the applicant shall provide as-built drawings, indicating
any and all deviations thereto, with appropriate authorizations from the Borough
or its Engineer.
F. Maintenance bond. The applicant shall furnish a bond
or other acceptable financial security in the form of a corporate surety,
a cash deposit, an irrevocable letter of credit from a federal- or commonwealth-chartered
lending institution, a deposit of securities in escrow or any other form as
shall meet the approval of the Borough Solicitor in accordance with the requirements
of the Pennsylvania Municipalities Planning Code. Such bond or financial security shall be furnished by the applicant
to the Borough to secure the structural integrity of the improvement(s) as
well as the proper functioning of the improvements in accordance with the
approved final plans. Such bond or financial security shall be for a term
not to exceed 18 months from the date of acceptance of dedication and shall
be in the amount not to exceed 15% of the actual cost of installation of said
improvements.