[Ord. 147, 1/10/2008; as amended by Ord. 159, 4/6/2010, § 16]
1. As the work of installing the required public and private improvements
proceeds, the developer may request the Board of Supervisors to release
or authorize the release, from time to time, such portions of the
performance security necessary for payment to the contractor(s) performing
the work. Any such request shall be in writing addressed to the Board
of Supervisors, and the Board of Supervisors shall have 45 days from
receipt of such request within which to allow the Township Engineer
to certify, in writing, to the Board of Supervisors that such portion
of the work upon the improvements has been completed in accordance
with the approved final plat. 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 fairly
representing the value of the improvements completed. The Board of
Supervisors may, prior to final release at the time of completion
and certification by its Engineer, require retention of 10% of the
estimated cost of the aforesaid improvements.
2. All improvements shall be completed within two years unless otherwise
provided in the development agreement. Upon written application signed
by all parties to the performance security device and in a form approved
by the Township Solicitor, the Board of Supervisors may, at its discretion,
extend said period by not more than two additional years.
[Ord. 147, 1/10/2008]
In the event that the private or public improvements required
to be installed by the provisions of this chapter are not installed
in accordance with the requirements of this chapter or the approved
final plat, the Board of Supervisors shall have the power to enforce
the performance security by appropriate legal and equitable remedies
provided by the laws of the Commonwealth of Pennsylvania. If proceeds
from the performance security are insufficient to pay the cost of
installing or making repairs or corrections to all the improvements
guaranteed by such performance security, the Board of Supervisors
may, at its option, install part of such improvements in all or part
of the subdivision or land development and may institute appropriate
legal or equitable action to recover the moneys necessary to complete
the remainder of the improvements. All of the proceeds, whether resulting
from the performance security or from any legal or equitable action
brought against the developer, shall be used solely for the installation
of the improvements guaranteed by such performance security and not
for any other Township purpose.