As the work of installing the required stormwater management facilities
proceeds, the developer may request Borough Council to release or
authorize the release, from time to time, of portions of the financial
security necessary to pay the contractor or contractors performing
the work. All such requests shall be in writing addressed to Borough
Council, which shall have 45 days from receipt of the request to allow
the Borough Engineer to certify, in writing, to Borough Council that
such portion of the work upon the facilities has been completed in
accordance with the permit. Upon such certification, Borough Council
shall authorize release by the bonding company or lending institution
of an amount as estimated by the Borough Engineer to fairly represent
the value of the facilities completed, or, if Borough Council fails
to act within the forty-five-day period, Borough Council shall be
deemed to have approved the release of funds as requested.