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