For SWM site plans that involve subdivision and land development, the applicant shall provide a financial guaranty to the Borough for the timely installation and proper construction of all stormwater management controls as required by the approved SWM site plan and this Part
2 in accordance with the provisions of Sections 509, 510, and 511 of the Pennsylvania Municipalities Planning Code.
For SWM site plans that involve the dedication of all or some of the required improvements following completion, the Borough may require the posting of financial security to secure structural integrity of said improvements as well as the functioning of said improvements in accordance with the design and specifications as depicted on the SWM site plan for a term not to exceed 18 months from the date of acceptance of dedication. Said financial security shall be of the same type as otherwise required in §
144-603 with regard to installation of such improvements, and the amount of the financial security shall not exceed 15% of the actual cost of installation of said improvements in accordance with the provisions of Section 509 of the Pennsylvania Municipalities Planning Code.