As the work of installing the required stormwater management facilities
proceeds, the applicant may request the Board of Supervisors 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 the Board
of Supervisors, which shall have 45 days from receipt of the request
to allow the Township Engineer to certify, in writing, to the Board
of Supervisors that such portion of the work upon the facilities has
been completed in accordance with the permit. Upon such certification,
the Board of Supervisors shall authorize release by the bonding company
or lending institution of an amount as estimated by the Township Engineer
to fairly represent the value of the facilities completed, or, if
the Board of Supervisors fails to act within the forty-five-day period,
the Board of Supervisors shall be deemed to have approved the release
of funds as requested.