A performance bond is posted by the subdivider to guarantee to the municipality that he will faithfully construct or cause to be constructed the required public improvements and utilities which were an integral part of his approved final plat; further, that the construction will be completed within a reasonable period of time.
A performance bond estimate, Form A-103, will be prepared by the Municipal Engineer or other delegated municipal officer (see § 207-9D).
The Planning Board will pass a resolution either approving or adjusting the performance bond estimate and will provide four copies signed by the Chairman for the use of the subdivider in obtaining and posting a bond.
The subdivider shall present his performance bond executed on the standard performance bond, Form A-105, three copies, with signed copies of the performance bond estimate attached, to the Municipal Attorney at least one week prior to any meeting of the local governing body, for approval as to form and sufficiency by the local governing body at such meeting.
The Municipal Attorney shall notify the Municipal Clerk prior to the meeting of the local governing body that the performance bond can be added to the agenda.
The local governing body shall approve or disapprove the performance bond as presented by the Municipal Attorney. If the performance bond is approved, one copy will be forwarded to the Municipal Clerk for his records. The Municipal Clerk shall send official notice to the Chairman of the Planning Board indicating the approval of the local governing body.
After completing the construction of the public improvements covered by the performance bond, and prior to the termination of the bond period, the subdivider shall prepare a set of the approved public improvement and utility plans and profiles (litho prints on vellum), amended to indicate "as constructed" information, and shall apply to the Municipal Engineer or other delegated municipal officer for a final inspection of work. The Municipal Engineer or other delegated municipal officer shall also report on the desirability of the municipality accepting the cession of streets and offers of cession of other lands designated for public use.
The Planning Board shall by resolution release or declare in default each performance bond. The Planning Board can act to extend the term of the bond in appropriate cases where such action would not be contrary to the intent of this regulation.