No plan shall be given final approval unless the streets or street system shown on such plan have been improved as required by this chapter, and any walkways, sidewalks, or other pedestrian pathways, curbs, gutters, streetlights, fire hydrants, shade trees, water mains, sanitary sewers, storm sewers and other improvements as may be required by this chapter have been installed in accordance with such chapter. In lieu of the completion of any improvements required as a condition for the final approval of a plan, including improvements or fees required pursuant to this section, the applicant shall provide for the deposit of financial security with Straban Township in an amount equal to 110% of the costs of such improvements or common amenities including, but not limited to, walkways, sidewalks, or other pedestrian pathways, curbs, gutters, streetlights, fire hydrants, shade trees, water mains, sanitary sewers, storm sewers, roads, stormwater detention and/or retention basins and other related drainage facilities, recreational facilities, open space improvements, and buffer or screen plantings which may be required. The guarantee of public improvements or release of funds for such improvements shall not be contingent upon municipal land development plan approval. The applicant shall not be required to provide financial security for the costs of any improvements for which financial security is required by and provided to the Department of Transportation in connection with the issuance of a highway occupancy permit pursuant to Section 420 of the Act of June 1, 1945 (P.L. 1242, No. 428) known as the "State Highway Law."