The furnishing of a performance guarantee in favor of the Borough
in an amount not to exceed 120% of the cost of installation for improvements
it may deem necessary or appropriate including: streets, grading,
pavement, gutters, curbs, sidewalks, streetlighting, shade trees,
surveyor's monuments, as shown on the final map and required by the
Map Filing Law, N.J.S.A. 46:23-9.9 et seq., water mains, culverts,
storm sewers, sanitary sewers, or other means of sewage disposal,
drainage structures, erosion control and sedimentation control devices,
public improvements of open space and, in the case of site plans only,
other on-site improvements and landscaping; provided that no more
than 10% of the total performance guarantee shall be required to be
in cash, and the balance shall be in form of a surety company bond
from a bonding company approved by the Borough Council, or an irrevocable
letter of credit from a banking institution authorized to do business
in New Jersey.
The Borough Engineer shall review the improvements required
by the approving authority which are to be bonded and itemize their
cost. Said itemization shall be the basis for determining the amount
of performance guarantee and maintenance guarantee required by the
approving authority. The Borough Engineer shall forward his estimate
of the cost of improvements to the applicant within 30 days of the
date of receipt of a request sent by certified mail for said estimate.