[Ord. No. 11-1314 §§ 24, 25]
A.
Posting of Guaranties. Performance guaranties shall be posted prior to the granting of final developmental approval.
B.
Form of Submission. Performance guaranties shall be submitted in the form of 10% cash deposited with the Municipal Clerk and 90% in a form acceptable to the Borough Director of Law. The amount of guaranty shall be 120% of the approved estimate of the cost of improvements. They may be usable at any point by the Borough for the nonperformance of the subdivider. Such guaranties shall run for a term of 18 months, subject to extension by the Borough Council for an additional period of 18 months.
C.
Noncompliance with Improvement Requirements. If required improvements have not been installed in accordance with required standards and specifications of the Borough within the time limit or extension, the obligor and surety shall be liable thereon to the Borough for all reasonable costs of improvements not installed, and, upon receipt of the proceeds thereof, the Borough shall install such improvements.
D.
Submission Requirements. Prior to acceptance of a performance bond by the Borough Council, the Council shall receive the following:
1.
A letter from the Borough Engineer stating that the proposed bond covers all items required.
2.
A list of the items covered and their cost.
3.
A letter of approval from the Borough Director of Law as to bond form.
4.
A letter from the Borough Engineer and Planning Board/Zoning Board stating that the plans meet all specifications.
E.
Acceptance of Performance Guaranty. Following acceptance of a performance guaranty by the Borough Council, a letter so stating shall be sent to the Planning Board/Zoning Board prior to signing of final plats for the development.
F.
Release of Guaranty. Prior to release of a performance guaranty in full or part, in accordance with New Jersey law, the Borough Council shall receive the following:
1.
A recommendation from the Board.
2.
As-built plans of all utilities and roads approved by the Borough Engineer.
3.
A statement from the developer or subdivider that there are no liens or other legal encumbrances on any of the improvements or utilities to be deeded.
4.
Deeds, free and clear from all encumbrances, for all streets, public easements, drainage easements or other dedicated lands.
5.
An acceptable maintenance guaranty.