The applicant shall provide a financial guarantee to the Township for the timely installation and proper construction of all stormwater management controls required by the approved stormwater plan and this chapter equal to the full construction cost of the required controls.
A. 
The stormwater management plan for the development site shall contain an operation and maintenance plan prepared by the developer and approved by the Municipal Engineer. The operation and maintenance plan shall outline required routine maintenance actions and schedules necessary to insure proper operation of the facility(ies).
B. 
The stormwater management plan for the development site shall establish responsibilities for the continuing operating and maintenance of all proposed stormwater control facilities, consistent with the following principals:
(1) 
If a development consists of structures or lots which are to be separately owned and in which streets, sewers and other public improvements are to be dedicated to the Township, stormwater control facilities should also be dedicated to and maintained by the Township.
(2) 
If a development site is to be maintained in a single ownership or if sewers and other public improvements are to be privately owned and maintained, then the ownership and maintenance of the stormwater control facilities should be the responsibility of the owner or private management entity.
C. 
The governing body, upon recommendation of the Township Engineer, shall make the final determination on the continuing maintenance responsibilities prior to final approval of the stormwater management plan. The Township reserves the right to accept the ownership and operating responsibility for any or all of the stormwater management controls.
A. 
Prior to final approval of the site stormwater management plan, the property owner shall sign and record a maintenance agreement covering all stormwater control facilities which are to be privately owned. The agreement shall stipulate that:
(1) 
The owner shall maintain all facilities in accordance with the approved maintenance schedule and shall keep all facilities in a safe and attractive manner.
(2) 
The owner shall convey to the Township easements and or right-of-way to assure access for periodic inspections by the Township and maintenance, if required.
(3) 
The owner shall keep on file with the Township the name, address and telephone number of the person or company responsible for maintenance activities; in the event of a change, new information will be submitted to the Township within 10 days of the change.
(4) 
If the owner fails to maintain the stormwater control facilities following due notice by the Township to correct the problem(s), the Township may perform the necessary maintenance work or corrective work and the owner shall reimburse the Township for all costs.
B. 
Other items may be included in the agreement where determined necessary to guarantee the satisfactory maintenance of all facilities. The maintenance agreement shall be subject to the review and approval of the Municipal Solicitor and governing body.
A. 
Persons installing stormwater storage facilities shall be required to pay a specified amount to the municipal stormwater maintenance fund to help defray costs of periodic inspections and maintenance expenses. The amount of the deposit shall be determined as follows:
(1) 
If the storage facility is to be privately owned and maintained, the deposit shall cover the cost of the periodic inspections and maintenance performed by the Township for a period of five years, as estimated by the Municipal Engineer and approved by the Township. After that period of time, inspections will be performed at the expense of the Township.
(2) 
If the storage facility is to be owned and maintained by the Township, the deposit shall cover the estimated costs for maintenance and inspections for five years. The Municipal Engineer will establish the estimated costs to be approved by the Township utilizing information submitted by the applicant.
(3) 
The amount of the deposit to the fund shall be converted to present worth of the annual series values. The Municipal Engineer shall determine the present worth equivalents which shall be subject to the approval of the governing body.
B. 
If a storage facility is proposed that also serves as a recreation facility (e.g., ballfield, lake), the Township may reduce or waive the amount of the maintenance fund deposit based upon the value of the land for public recreation purposes.
C. 
If at some future time a storage facility (whether publicly or privately owned) is eliminated due to the installation of storm sewers or other storage facility, the unused portion of the maintenance fund deposit will be applied to the cost of abandoning the facility and connecting to the storm sewer or other facility. Any amount of the deposit remaining after the costs of abandonment are paid will be returned to the depositor.
Financial guarantees as required by this chapter shall be provided in the form of:
A. 
Bonds;
B. 
Escrow accounts; or
C. 
Irrevocable letters of credit.