The completion guarantee or financial security shall be returned
or released upon written certification by the Township Engineer or
a designated agent that improvements and facilities have been installed
and completed in accordance with the approved plan and specifications.
If improvements are not installed in accordance with the approved
final plans, the Township may enforce any corporate bond or any 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 at its option install part of such improvements
in all or part of the development and may institute any and all available
legal or equitable actions to recover the monies necessary to complete
the remainder of the improvements. All proceeds, whether resulting
from the security or from any legal or equitable action brought against
the developer, or both, shall be used solely for the installation
of the improvements covered by such security and not for any other
Township purpose. In any action filed to execute on any financial
security provided, the Township may recover reasonable legal fees,
costs and/or expenses incurred in same.
Prior to acceptance of any improvements or facilities, the applicant
shall provide financial security to secure the structural integrity
and functioning of the improvements. The security shall:
A. Be in the form acceptable to the Township; and
B. Be for a term of 18 months and in an amount equal to 15% of the actual
cost of the improvements and facilities as constructed; and
C. Be subject to other long-term operation, maintenance and inspection
guarantees and/or fees as set forth in this chapter.