As the work of installing the required improvements
proceeds, the party posting the financial security may request the
Board of Supervisors to release or authorize the release, from time
to time, such portions of the financial security necessary for payment
to the contractor or contractors performing the work. Any such requests
shall be in writing addressed to the Board of Supervisors, and the
Board of Supervisors shall have 45 days from receipt of such request
within which to allow the Township Engineer to certify, in writing,
to the Board of Supervisors that such portion of the work upon the
improvements has been completed in accordance with the approved plat.
Upon such certification, the Board of Supervisors shall authorize
release by the bonding company or lending institution of an amount
as estimated by the Township Engineer fairly representing the value
of the improvements completed or, if the Board of Supervisors fails
to act within said forty-five-day period, the Board of Supervisors
shall be deemed to have approved the release of funds as requested.
The Board of Supervisors may, prior to final release at the time of
completion and certification by the Township Engineer, require retention
of 10% of the estimated cost of the aforesaid improvements.