The purpose of this chapter is to provide sound subdivision
and land development standards for the Township and to provide regulations
for public improvements which are to be dedicated to the Township.
Some required improvements may be dedicated to a municipal authority
and others to a private utility. The bonding or security in such instances
shall comply with that agency's requirements. As these improvements
will be part of the subdivision or land development to be approved,
the developer should inform the Township of any problems associated
with any provision of bonding or financial security encountered with
such agencies.
The purpose of this section is to provide for the filing of
financial security as allowed by Section 509 of the PaMPC. Where the
improvement is to be dedicated to a designated authority or agency
other than the Township, the developer will follow that organization's
practices. It is the clear intent of this chapter that all improvements
required by this chapter be either installed and approved, or the
developer will post adequate financial security as required by Section
509 of the PaMPC before final plan approval is granted.
A. An assurance of proper completion of the improvements by financial
security in the subdivision shall be made by one of the following
methods, or such other method as shall be satisfactory to the Township:
(1)
A bond, irrevocable letter of credit, restrictive or escrow
account, certified check, cashier's check, or other security
satisfactory to the Township and in accordance with Section 509 of
the PaMPC, which shall run or be made payable to the Township.
(2)
In the case of a bond, it shall also:
(a)
Be with surety satisfaction to the Township.
(b)
Be in form, sufficiency, and execution acceptable to the Township.
B. The amount of the financial security shall be in an amount determined
to equal 110% of the cost of the required improvements in accordance
with Section 509 of the PaMPC, and shall be approved by the Township
Engineer.
C. The bond, certified check or other securities shall specify the time
for the completion of the required improvements. Such time shall be
satisfactory to the Board of Supervisors, but not exceed one year.
When the improvements have been completed and approved by the Township,
the financial security shall be released and returned. When a portion
of the required improvements has been completed and approved by the
Township, a portion of the bond, monies or security commensurate with
the cost of the improvement may be released and returned in accordance
with Section 509 of the Pa Municipal Planning Code. In no event shall
the entire performance assurance be returned to the developer. At
least 10% shall be retained until:
(1)
All improvements have been completed, approved by the Township
Engineer and accepted by the Fairview Township.
(2)
The required bond for structural integrity/functioning (see Article
IX) has been filed and accepted by the Township.
(3)
All the requirements of Article
IX, specifically including the filing of as-built drawings, have been met.
D. In the event that cash or its equivalent is deposited as an improvement
guarantee, it shall be held in an escrow fund, which may bear interest
to the credit of the developer, but the developer shall pay all costs
for the maintaining of such escrow fund.
E. As the work of installing the required improvements proceeds, the
developer posting the financial security may request the Board of
Supervisors to release such portions of the financial security. The
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 recommend,
in writing, that such portion of the work on the improvements has
been completed in accordance with the approved plan and specifications.
On such recommendation, the Board of Supervisors shall authorize release
by the bonding company or lending institution of an amount as estimated
by the Township fairly representing the value of the improvements
completed or, if the Board of Supervisors fails to act within said
forty-five-day period, the Board of Supervisors shall be deemed to
have approved the release of funds as requested. If a bond is used,
the developer may provide a cash deposit, or a certified or cashier's
check for the final 10%, subject to approval of the Township.
F. For circumstances relating to financial security not specifically
delineated in the ordinance, including the amount of same and the
resolution of disagreements relative to such security, it is the intention
of the Township to follow the guidelines and procedures as set forth
by Sections 509 and 510 of the Pennsylvania Municipalities Planning
Code.
G. In the event that any improvement which may be required has not been
installed as provided in the ordinance or in accordance with the approved
final plan, the Township may enforce any corporate bond, or other
security by appropriate legal and equitable remedies. If proceeds
of such bond, or other security, are insufficient to pay the cost
of installing or making repairs or corrections to all the improvements
covered by said security, the Township may institute appropriate legal
or equitable action to recover the monies necessary to complete the
remainder of the improvements. All of the proceeds shall be used solely
for the installation of the improvements covered by such security,
and not for any other Township purpose.
The Township shall require the posting of guarantee for any
improvements to be accepted. Said guarantee is for the structural
integrity and/or functioning of said improvements for a period of
one year from the date of their acceptance by the Township and shall
be in the amount allowed by Section 509 of the Pennsylvania Municipalities
Planning Code, as amended, which is 10% of the actual cost of installation.