[Ord. No. 96/4 § 13-92]
A municipality shall not require that a maintenance guarantee
required pursuant to section 41 of P.L. 1975, c. 291 (C. 40:55D-53)
be in cash or that more than ten (10) percent of a performance guarantee
pursuant to that section be in cash. At the developer's option, some
or all of a maintenance guarantee may be in cash, or more than ten
(10) percent of a performance guarantee in cash.
[Ord. No. 96/4 § 13-93]
The cost of the installation of improvements for the purposes
of section 41 of P.L. 1975, c. 291 (C. 40:55D-53) shall be estimated
by the Municipal Engineer based on documented construction costs for
public improvements prevailing in the general area of the municipality.
The developer may appeal the Municipal Engineer's estimate to the
governing body. The governing body shall decide the appeal within
forty-five (45) days of receipt of the appeal in writing by the Municipal
Clerk. After the developer posts a guarantee with the municipality
based on the cost of the installation of improvements as determined
by the governing body, legal action may be instituted within one (1)
year of the posting in order to preserve the right to a judicial determination
as to the fairness and reasonableness of the amount of the guarantee.
[Ord. No. 96/4 § 13-94]
The approving authority shall, for the purposes of section 41
of P.L. 1975, c. 291 (C. 40:55D-53), accept a performance guarantee
or maintenance guarantee which is an irrevocable letter of credit
if it:
a. Constitutes an unconditional payment obligation of the issuer running
solely to the municipality for an express initial period of time in
the amount determined pursuant to section 41 of P.L. 1975, c. 291
(C. 40:55D-53);
b. Is issued by a banking or savings institution authorized to do business
in this State;
c. Is for a period of time at least one (1) year; and
d. Permits the municipality to draw upon the letter of credit if the
obligor fails to furnish another letter of credit which complies with
the provisions of this section thirty (30) days or more in advance
of the expiration date of the letter of credit or such longer period
in advance thereof as is stated in the letter of credit.
[Ord. No. 96/4 § 13-95]
If an approving authority includes as a condition of approval
of an application for development pursuant to P.L. 1975, c. 291 (C.
40:55D-1 et seq.) the installation of street lighting on a dedicated
public street connected to a public utility, then upon notification
in writing by the developer to the approving authority and governing
body of the municipality that (1) the street lighting on a dedicated
public street has been installed and accepted for service by the public
utility and (2) that certificates of occupancy have been issued for
at least fifty (50) percent of the dwelling units and fifty (50) percent
of the floor area of the nonresidential uses on the dedicated public
street or portion thereof indicated by section pursuant to section
29 of P.L. 1975, c. 291 (C. 40:55D-38), the municipality shall, within
thirty (30) days following receipt of the notification, make appropriate
arrangements with the public utility for, and assume the payment of,
the costs of the street lighting on the dedicated public street on
a continuing basis. Compliance by the municipality with the provisions
of this section shall not be deemed to constitute acceptance of the
street by the municipality.
[Ord. No. 96/4 § 13-96]
All off-tract improvements shall be made in accordance with
the provisions of N.J.S.A. 40:55D-42.