In the event that any improvements which may
be required have not been installed as provided in this chapter or
in accordance with the approved final plan, the Board is hereby granted
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 improvements covered by said security,
the Board may, at its option, install part of the improvements in
all or part of the subdivision or land development and may institute
appropriate legal or equitable action to recover the moneys necessary
to complete the remainder of the improvements. All of the proceeds,
whether resulting from the security or from any legal or equitable
action brought against the applicant or developer, or both, shall
be used solely for the installation of the improvements covered by
such security and not for any other municipal purpose.