Prior to approval of final subdivision plats or granting of final site plan approval, or as a condition of such approvals, the Borough shall, for the purpose of assuring the installation and maintenance of on-tract improvements, require the following:
A. 
Performance guaranties.
(1) 
In the case of major subdivisions and residential site plans, the furnishing of a performance guarantee in favor of the Borough shall be required in an amount not to exceed 120% of the cost of installation for improvements, as estimated by the Borough Engineer, as it may deem necessary or appropriate, including: streets, grading, pavement, gutters, curbs, sidewalks, streetlighting, shade trees, surveyor's monuments, as shown on the final map and required by the Map Filing Law, P.L. 1960, c. 141 (N.J.S.A. 46:23-9.9 et seq.), water mains, culverts, storm sewers, sanitary sewers or other means of sewage disposal, drainage structures, erosion control and sedimentation control devices. Of such performance guarantee, a minimum of 10% must be in a form of cash or certified check made payable to the Borough, and the remainder in the form of a corporation surety performance bond issued by an authorized New Jersey corporation. The Borough Solicitor shall approve the performance guarantee as to form, sufficiency and execution. The Borough Engineer shall approve the performance guarantee as to size and scope.
(2) 
In the case of nonresidential site plans, performance guarantees shall be required in an amount not to exceed 120% of the cost of the installation of improvements, as estimated by the Borough Engineer, directly affecting the public, including but not limited to curbing, pavement and roadway shoulder repair, storm drainage improvements, erosion control, etc.
(3) 
No certificate of occupancy shall be issued until all improvements shown on the approved site plan have been completed and approved by the Borough Engineer, unless extenuating circumstances, such as adverse weather conditions, prevent the completion of items which pose no significant threat to the public. In such instances, the governing body may, upon the recommendation of the Borough Engineer, accept a performance guarantee in an amount not to exceed 120% of the cost of completion of such uncompleted items as determined by the Borough Engineer, and the certificate of occupancy may be issued.
B. 
Provision for a maintenance guarantee is required to be posted with the governing body for a period not to exceed two years after final acceptance of the improvements, in an amount not to exceed 15% of the cost of the improvement. In the event that other governmental agencies or public utilities automatically will own the utilities to be installed or the improvements are covered by a performance or maintenance guarantee to another governmental agency, no performance or maintenance guarantee shall be required by the Borough for such utilities or improvements.
C. 
All improvements and utility installations shall be inspected during the time of their installation, under the supervision of the Borough Engineer, to insure satisfactory completion. The cost of said inspection shall be the responsibility of the subdivider and shall be deposited with the Borough Clerk as cash equal to 5% of the performance guarantee, to be applied to the cost of inspection of public improvements by the Borough Engineer. The developer shall notify the Borough Engineer at least 24 hours prior to the commencement of construction. No underground installation shall be covered over until after inspection and approval.
A. 
The amount of any performance guarantee may be reduced by the governing body, by resolution, when portions of the improvements have been certified by the Borough Engineer as completed. The time allowed for installation of the improvements for which the performance guarantee has been provided may be extended by resolution of the governing body.
B. 
If the required improvements are not completed or corrected in accordance with the performance guarantee, the obligor or surety, if any, shall be liable thereon to the Borough for the reasonable cost of the improvements not completed or corrected and the Borough may, either prior to or after receipt of the proceeds thereof, complete such improvements.
C. 
When all of the required improvements have been completed, the obligor shall notify the governing body in writing, by certified mail, of the completion of said improvements. Thereupon, the Borough Engineer shall inspect all of the improvements and shall file a detailed written report with the governing body, indicating either approval, partial approval, or rejection of the improvements, with a statement of reasons for any rejection. If partial approval is indicated, the cost of the improvements rejected shall be set forth.
D. 
The governing body shall either approve, partially approve or reject the improvements, on the basis of the report of the Borough Engineer, and shall notify the obligor in writing, by certified mail, of the contents of said report and the action of the Borough, not later than 65 days after receipt of the notice from the obligor of completion of the improvements. Where partial approval is granted, the obligor shall be released from all liability pursuant to its performance guarantee, except for that portion adequately sufficient to secure provision of the improvements not yet approved. Failure of the governing body to send or provide such notification to the obligor within 65 days shall be deemed to constitute approval of the improvements and the obligor and surety, if any, shall be released from all liability pursuant to such performance guarantee.
E. 
If any portion of the required improvements are rejected, the governing body may require the obligor to complete such improvements and, upon completion, the same procedure of notification, as set forth in this section, shall be followed.
F. 
Nothing herein, however, shall be construed to limit the right of the obligor to contest by legal proceedings any determination of the governing body or the Borough Engineer. The Borough shall return any balance of the inspection fee to the developer upon expiration of the maintenance bond, together with a statement of charges against this amount.
G. 
Prior to the Borough Engineer making his final report and recommendations to the governing body, the developer will supply as-built plans, signed and sealed by a licensed New Jersey professional engineer, showing surface grading, including lot gradings, building finished floor grades and curb and gutter grades, together with horizontal and vertical location of underground facilities. Manholes, inlets and other appurtenances, together with curbs and sidewalks, shall be shown in true location and grade. The as-built plans shall be submitted on reproducible media.
H. 
No certificate of occupancy shall be issued for any residential use unless and until the above as-built plans have been approved by the Borough Engineer.