A. 
Following final approval of the as-built plan by the Borough of Waynesboro, the developer shall dedicate the permanent stormwater management facilities to the specific entity responsible for the overall maintenance and control of the stormwater management facilities. Any such designated entity, other than the Borough of Waynesboro, shall be approved by the Borough of Waynesboro as an acceptable and duly authorized organization to carry on the responsibility and obligations of maintenance upkeep and be bound by this chapter. Such responsible entities shall be set up as legal organizations bound by the laws of the Commonwealth of Pennsylvania and the Borough of Waynesboro. In addition to the Borough of Waynesboro ownership, such entities can be homeowners' associations, corporations, or individual lot owners.
B. 
In instances where the permanent control facilities are owned by a private entity (such as a homeowners' association) such entity shall be responsible for maintenance. A written agreement acceptable to the Borough of Waynesboro, for inspection by the Borough of Waynesboro of all such facilities, shall be executed by the entity responsible for this maintenance and the developer, and submitted by the developer to the Borough of Waynesboro.
C. 
In instances when stormwater management facilities are located on an individual lot, and when they are the responsibility of that landowner to maintain, a description of the facility or system and the terms of the required maintenance shall be incorporated as part of the deed to the property.
D. 
In all instances, the developer shall post financial security in an amount sufficient to cover the present worth of maintenance of the facilities for a ten-year period. The financial security shall be based on the estimated annual maintenance cost for the facilities submitted by the developer and prepared by a professional engineer/surveyor licensed as such in this commonwealth and certified by such engineer/surveyor to be a fair and reasonable estimate of such cost. The Borough of Waynesboro, upon the recommendation of the Director of Engineering, may refuse to accept such estimate for good case shown. If the developer and the Borough are unable to agree upon an estimate, then the estimate shall be recalculated and recertified by another professional engineer/surveyor licensed as such in this commonwealth and chosen mutually by the Borough and the developer. The estimate certified by the third engineer/surveyor shall be presumed fair and reasonable and shall be the final estimate. In the event that a third engineer/surveyor is so chosen, fees for the services of said engineer/surveyor shall be paid equally by the Borough of Waynesboro and the developer.
E. 
Financial security shall be posted with a bonding company or federal- or commonwealth-chartered lending institution chosen by the party posting the financial security, provided said bonding company or bonding institution is authorized to conduct said business within the commonwealth. In lieu of a bond, the developer may deposit cash or securities with the Borough of Waynesboro or with a bank or trust company to guarantee performance of said contract and to secure completion of the improvements under an escrow agreement approved by the Borough of Waynesboro's Solicitor and the Borough Council of the Borough of Waynesboro. The amount of the bond or other guarantee shall be sufficient to cover the cost of required improvements as estimated by the Engineer. The escrow agent for the deposits of such cash or securities shall be designated and selected by the Borough Council of the Borough of Waynesboro.
F. 
Such bond or other security shall provide for and secure to the public, the maintenance cost of the facilities which may be required for a ten-year period.
G. 
Federal- or commonwealth-chartered lending institutions irrevocable letters of credit and restrictive or escrow accounts in such lending institutions are acceptable forms of financial security which may be utilized by a developer to comply with the requirements of this article.
H. 
If the Borough of Waynesboro determines at any time that any permanent stormwater management control facilities has been eliminated, altered or improperly maintained, the responsible entity shall be advised of corrective measures required and given a reasonable period of time to take necessary action. If such action is not taken by the responsible entity, the Borough of Waynesboro may cause the work to be done and lien all costs plus 10% against the property of the responsible entity or collect same by an appropriate action of law.