[Ord. 12/15/1987]
The developer shall agree, in writing, in a form provided by the Township, that he will construct or install and maintain until dedication all of the improvements required herein or required as a condition of approval of the final plan in accordance with the governing specifications and within the specified time limits.
[Ord. 12/15/1987; as amended by Ord. 12/12/1991A, § 18]
1. 
As a condition for approval of a final plan, the developer shall deposit with the Township financial security in an amount sufficient to cover 110% of the costs of completion of the required improvements estimated as of 90 days following the date scheduled for completion by the developer, in accordance with § 509 of the Act.[1] In cases where development is projected over a period of years, the Board may authorize submission of a final plan by sections or stages of development subject to such requirements or guarantees as to improvements in future sections or stages of development as it finds essential for the protection of any finally approved section of the development.
[1]
Editor's Note: See now 53 P.S. § 10509.
2. 
Guarantees may take the form of performance bonds, cash deposit, irrevocable letter of credit, restricted or escrow account naming the Township as having the unrestricted right to demand funds from said account for completion of required improvements, so long as such lending institution holds a current commonwealth or federal charter and subject to approval of the Township Solicitor.
A. 
For any development improvements which are not completed within one calendar year of the date financial security was posted, the Township shall annually adjust the amount of required security in accordance with Section 509 of the Act.[2] Subsequent to said adjustment, the Township shall require the developer to post additional security to ensure that the financial security equals said 110%.
[2]
Editor's Note: See now 53 P.S. § 10509.
B. 
The amount of financial security required shall be based upon an estimate of the cost of completion of required improvements submitted by an applicant or developer and prepared by a professional engineer licensed as such in this Commonwealth and certified by such engineer to be a fair and reasonable estimate of such cost. Montour Township, upon recommendation of the Township Engineer, may refuse to accept such estimate for good cause shown. Should the Township and the applicant or developer be unable to agree on the estimate the process for resolving the estimate as specified in Section 509(g) of the Act[3] shall be followed.
[3]
Editor's Note: See now 53 P.S. § 10509(g).
C. 
When requested by the developer, in order to facilitate financing, the Board shall furnish the developer with a signed resolution or letter indicating approval of the final plan contingent upon the developer obtaining satisfactory financial security. The final plan shall not be signed or recorded until the development agreement is fully executed. The resolution or letter of contingent approval shall expire and be deemed to be revoked if the financial security agreement is not executed within 90 days of its date unless a written extension is granted by the Board.
[Ord. 12/15/1987; as amended by Ord. 12/12/1991A, § 19]
The security for improvements deposited as aforesaid may be released in accordance with § 510 of the Act.[1]
[1]
Editor's Note: See now 53 P.S. § 10510.
[Ord. 12/15/1987, as added by Ord. 12/12/1991A, § 20]
1. 
All improvements required as a condition or part of final plan approval shall be inspected by the Township Engineer. The applicant shall reimburse the Township for all reasonable and necessary costs incurred for the inspection of said improvements in accordance with Section 510 of the Act.[1]
[1]
Editor's Note: See now 53 P.S. § 10510.
2. 
In the event there arises a dispute over the fee for inspection of the required improvements, the procedures prescribed in Section 510(g) of the Act[2] shall be followed.
[2]
Editor's Note: See now 53 P.S. § 10510(g).
[Ord. 12/15/1987; as amended by Ord. 12/12/1991A, § 21]
If the developer does not satisfactorily construct or install all of the improvements included within the agreement referred to in § 22-601 hereof, the Board shall institute appropriate legal or equitable proceedings to enforce the bond or other security referred to in § 22-602 hereof, or if no bond or other security is enforceable or if the proceeds thereof are insufficient to pay the cost of completing the construction or installation of such improvements or the cost of making repairs or corrections thereto prior to receiving the cost thereof from the surety on the bond, from the other security, or from the developer. All funds recovered from the surety, from other security, or from the developer shall be used solely for such improvements and not for any other Township purpose.