At the time of filing a plan for final approval
and as a condition to such approval, the applicant shall deposit with
the Township an irrevocable letter of credit, acceptable to the Board
of Supervisors, with the approval of the Township Solicitor, in compliance
with Section 509 of the Pennsylvania Municipalities Planning Code and in an amount sufficient to cover the costs of any
improvements which may be required, plus 10%. Such letter of credit
shall provide for and secure to the public the completion of any improvements
which may be required within the period fixed for such completion,
with a one-year maximum period, unless extended by the bank or surety
firm in writing and approved by the Board of Supervisors.
Following completion of required public improvements
and the acceptance by the Township of said improvements, a maintenance
security shall be posted with the Township for a period of 18 months
to secure the structural integrity of said improvements. The amount
of the financial security shall not exceed 15% of the cost of installation
of the improvements as approved, and shall be in the form of a municipal
bond.
The amount of financial security required shall
be based upon an estimate of the cost of completion of the required
improvements, submitted by an applicant or developer and prepared
by a professional engineer licensed as such in the Commonwealth of
Pennsylvania and certified by such engineer to be a fair and reasonable
estimate of such cost. The Township, upon the recommendation of the
Township Engineer, may refused to accept such estimate for good cause
shown. If the applicant or developer and the Township are unable to
agree upon an estimate, then the estimate shall be recalculated and
recertified by another professional engineer licensed as such in the
Commonwealth of Pennsylvania and chosen mutually by the Township and
the applicant or developer. The estimate certified by the third engineer
shall be presumed fair and reasonable and shall be the final estimate.
In the event that a third engineer is so chosen, fees for the services
of said engineer shall be paid equally by the Township and the applicant
or developer.
In the event that any improvements which are
required have not been installed as provided in this chapter or in
accord with the approved final plan, the Board of Supervisors may
enforce any corporate bond, irrevocable letter of credit or other
financial security by appropriate legal and equitable remedies. If
proceeds of such bond or other security are insufficient to pay the
cost of the installing or making repairs or corrections to all the
improvements covered by said security, the Board of Supervisors may,
at its option, install part of such 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 developer, or both, shall be used solely for the installation
of the improvements covered by such security and not for any other
Township purpose.
No right-of-way, easement, public grounds, street
or other public improvement shall be accepted by the Township, until
such has been provided and/or installed and approved in accordance
with the provisions of this chapter. The acceptance shall be formalized
through the passage of a Township ordinance or resolution.