[Ord. 899-8, 9/13/1989]
No plan shall be finally approved unless the streets shown on such plan have been improved as may be required by this chapter, and any walkways, curbs, gutters, streetlights, fire hydrants, shade trees, water mains, sanitary sewers, storm drains, and other improvements as may be required have been installed in accordance with this chapter. In lieu of the completion of any improvements required as a condition for the final approval of a plan, the developer shall deposit with the Borough a corporate bond or other financial security acceptable to the Borough Council under recommendation of the Borough Engineer and Solicitor in an amount sufficient to cover the costs of any improvements which may be required, which financial security may include, among others, a lending institution irrevocable letter of credit or a restrictive or escrow account in a lending institution. Such bond or other security shall provide for and secure to the public the completion of any improvements which may be required on or before the date fixed in the formal action of approval or accompanying agreement for completion of the improvements. The amount of financial security or bond posted for the completion of the required improvements shall be equal to 110% of the cost of the completion estimated as of 90 days following the date scheduled for completion by the developer. The procedures for securing the appropriate securities or bonds and related requirements shall be as outlined in § 509 of the Pennsylvania Municipalities Planning Code, 53 P.S. § 10509, as amended.