Every subdivider or land developer shall, as a condition of approval of the application plan, be required to enter into a written agreement with the township for the construction or installation of the public improvements shown in the application and on the plan, to be completed within two (2) years of the date of the agreement.
[Ord. No. 1038, § 5, 5-14-1990; Ord. No. 1356, § 8, 9-10-2001]
1. 
As a condition of the approval of any subdivision or land development plan, the subdivider or land developer shall be required to assure the township that said improvements will subsequently be installed in accordance with the application, the plan, and any conditions prescribed by council, and that said public improvements will be completed within two (2) years of the date of signing of the subdivision or land development agreement.
2. 
The township may, at its option, accept financial security in cash, in the form of a surety bond, irrevocable letters of credit and restrictive or escrow accounts with a bonding company or federal or commonwealth-chartered lending institution chosen by the party posting the financial security, provided said bonding company or lending institution is authorized to conduct such business within the Commonwealth of Pennsylvania.
3. 
The amount of financial security to be posted for the completion of the required improvements shall be equal to one hundred ten (110) percent of the cost of completion estimated as of ninety (90) days following the date scheduled for completion by the developer. Annually, the Township may adjust the amount of the financial security by comparing the actual cost of the improvements which have been completed and the estimated costs for the completion of the remaining improvements as of the expiration of the ninetieth day after either the original date scheduled for completion or a rescheduled date of completion. Subsequent to said adjustment, the Township may require the developer to post additional security in order to assure that the financial security equals said one hundred ten (110) percent.
4. 
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 this commonwealth 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 refuse 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 this commonwealth 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. The applicant shall not be required to provide financial security for the cost of any improvements for which financial security is required by and provided to the Department of Transportation in connection with the issuance of a Highway Occupancy Permit pursuant to section 420 of the Act of June 1, 1945 (P.L. 1242, No. 428) known as the "State Highway Law."
5. 
In the case where development is projected over a period of years, the Township may authorize submission of final plats by section or stages of development, subject to such requirements or guarantees as to improvements in future sections or stages of development as it finds essential for the protection of any finally approved section of the development.
6. 
As the work of installing the required improvements proceeds, the party posting the financial security may request the Township 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 Township, and the Township shall have forty-five (45) days from receipt of such request within which to allow the Township engineer to certify, in writing, to the Township that such portion of the work upon the improvements has been completed in accordance with the approved plat. Upon such certification, the Township 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 Township fails to act within said forty-five-day period, the Township shall be deemed to have approved the release of funds as requested. The Township may, prior to final release at the time of completion and certification by its engineer, require retention of ten (10) percent of the estimated cost of the aforesaid improvements.
[Ord. No. 1038, § 5, 5-15-1990]
If the required improvements are not completely installed within two (2) years, or such additional time as may be granted by council therefor, council shall declare the subdivider or land developer in default and authorize the Township solicitor to institute such proceedings as may be required to recover on the performance guarantee or its escrow equivalent, for the purpose of funding completion of the balance of the improvements guaranteed thereby. The remedies of the Township shall include, but not be limited to, the preventive remedies under Section 515.1. and the enforcement remedies under Section 515.3. of the Municipalities Planning Code.
[Ord. No. 1038, § 5, 5-14-1990]
At the time of dedication and acceptance, the subdivider/developer shall file a maintenance bond with financial security satisfactory to the Township in the amount of fifteen (15) percent of the actual cost of installation of said improvements. Said financial security shall guarantee that all improvements dedicated to and accepted by council shall be maintained in good repair by the subdivider/developer for a period of eighteen (18) months from the date of acceptance of dedication thereof.