No final plat shall be approved by the Planning
Board until the completion of all such required improvements has been
certified to the Planning Board by the Planning Board Engineer, unless
the subdivider shall have filed with the Borough a performance guaranty
sufficient in amount to cover the cost of all such improvements or
uncompleted portions thereof as estimated by the Planning Board Engineer
and approved by the Planning Board and to assure the installation
of such uncompleted improvements within a reasonable time as set forth
by the Planning Board. Before acceptance of improvements, the subdivider
shall submit to the Planning Board as-built plans showing actual locations
of all improvements certified by the subdivider's engineer.
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 Borough Council, a certified check, returnable
to the subdivider after full compliance, or any other type of surety
approved by the Borough Attorney.
The performance guaranties shall be approved
by the Borough Council as to form, sufficiency and execution. Such
performance guaranty shall run for a period to be fixed by the Planning
Board, but in no case for a term of more than three years. However,
with the consent of the owner and the surety, if there is one, the
Borough Council may, by resolution, extend the term of such performance
guaranty for an additional period not to exceed three years. Before
the Borough Council by resolution shall extend the first term of three
years for an additional period, the Borough Council shall review the
case and adjust the amount of the bond or other type of surety, taking
into consideration changed conditions, such as price fluctuations.
The amount of the performance guaranty may be
reduced by the Borough Council, by resolution, when portions of the
required improvements have been installed.
If the required improvements have not been installed
in accordance with the performance guaranty, the obligor and surety
shall be liable thereon to the Borough for the reasonable cost of
the improvements not installed, and, upon receipt of the proceeds
thereof, the Borough shall install such improvements.
In order to protect the Borough as to the improvements
to be installed, the amount of the bond, cash, certified check or
whatever surety the subdivider intends to furnish shall be based on
the estimate for such improvements, plus an additional amount not
to exceed 25% of the estimate to protect against the happening of
such contingencies as increases in material and labor over a period
of three years and unforeseen additional work, such as latent storm
and subsurface drainage problems. It also shall cover the expenses
incurred in connection with inspection and supervision by the Borough
of all necessary improvements.
[Added 2-14-1990 by Ord. No. 3-1990]
A. In any instance in which the Borough has received
a performance or maintenance bond or guarantee of whatsoever kind
in connection with any proposed improvements, it shall not be released
in whole or part unless the Borough has received certified as-built
drawings accurately depicting the location, nature and extent of the
improvements actually built and until the Borough has received from
the Borough Engineer a written certification that the improvements
have been built in accordance with the filed as-built drawing and
in accordance with the approved plans.
B. The preparation of the as-built plan shall be at the
sole cost and expense of the person seeking a release in whole or
part of the performance or maintenance obligation.