Before approving subdivision and site plan plats, the approving authority shall require that the applicant shall have installed or shall have furnished performance guaranties for the installation of on-tract improvements in accordance with borough specifications as follows: streets, street signs, grading, pavement, curbs, gutters, sidewalks, walkways, streetlighting, shade trees, landscaping materials, water mains, fire hydrants, culverts, storm sewers, sanitary sewers or other means of sewage disposal, drainage structures, and appurtenances thereto, erosion control and sedimentation control devices, public improvements of open space and surveyors' monuments are required by the Map Filing Law, P.L. 1960, c. 141 (N.J.S.A. 46:23-9.9 et seq.).
A. 
The performance guaranty shall be furnished in favor of the Borough in the amount equal to 120% of the cost of installation for improvements it may deem necessary or appropriate as specified in this chapter.
B. 
The time allowed for installation of the improvements for which the performance guaranty has been provided may be extended by the Mayor and Council by resolution. As a condition or as part of any such extension, the amount of any performance guaranty shall be increased or reduced, as the case may be, to an amount not to exceed 120% of the cost of the installation as determined as of the time of the passage of the resolution.
C. 
If the required improvements are not completed or corrected in accordance with the performance guaranty, the obligor and surety, if any, shall be liable thereon to the Borough for the reasonable cost of the improvements not completed or corrected, and the Borough may, either prior to or after the receipt of the proceeds thereof, complete such improvements.
D. 
Upon substantial completion of all required appurtenant utility improvements and the connection of same to the public system, the obligor may notify the Mayor and Council, in writing, by certified mail addressed in care of the Borough Clerk of the completion or substantial completion of improvements and shall send a copy thereof to the Borough Engineer. Thereupon, the Borough Engineer shall inspect all improvement of which such notice has been given and shall file a detailed report, in writing, with the Mayor and Council, indicating either approval, partial approval or rejection of such improvements with a statement of reasons for any rejection. The cost of the improvements as approved or rejected shall be set forth.
E. 
The Mayor and Council shall either approve, partially approve or reject the improvements on the basis of the report of the Borough Engineer and shall notify the obligor, in writing, by certified mail, of the contents of said report and the action of said approving authority with relation thereto not later than 65 days after receipt of the notice from the obligor of the completion of the improvements. Where partial approval is granted, the obligor shall be released from all liability pursuant to its performance guaranty, except for that portion adequately sufficient to secure provision of the improvements not yet approved, provided that 30% of the amount of the performance guaranty posted may be retained to ensure completion of all improvements. Failure of the Mayor and Council to send or provide such notification to the obligor within 65 days shall be deemed to constitute approval of the improvements, and the obligor and surety, if any, shall be released from all liability pursuant to such performance guaranty for such improvements.
F. 
If any portion of the required improvements are rejected, the approving authority may require the obligor to complete such improvements and, upon completion, the same procedure of notification as set forth in this section shall be followed. Nothing herein, however, shall be construed to limit the right of the obligor to contest, by legal proceedings, any determination of the governing body or the Borough Engineer.
G. 
The performance guaranty shall be approved by the governing body as to form, sufficiency and execution. Such performance guaranty shall run for a period to be fixed by the approving authority. However, with the consent of the owner and the surety, if there be one, the governing body may, by resolution, extend the term of such performance guaranty for an additional period not to exceed one year.
H. 
In the event that final approval is by stages or sections of development, the provisions of this section shall be applied by stage or section.
A. 
Prior to the acceptance of any improvements herein, a maintenance guaranty shall be furnished in favor of Hasbrouck Heights Borough for a period not exceeding two years after final acceptance of the improvement, in an amount not to exceed 15% of the cost of the improvement.
B. 
Simultaneous with the submission of a maintenance guaranty, the applicant shall file with the administrative officer two copies of as-built drawings accurately showing the location, profile and size of all stormwater drains, water mains, catch basins, sanitary sewers and all utility and service connections constructed in the subdivision or site plan.
In the event that other governmental agencies or public utilities automatically will own the utilities to be installed or the improvements are covered by a performance or a maintenance guaranty to another governmental agency, no performance or maintenance guaranty, as the case may be, shall be required by the Borough for such utilities or improvements.
All improvements listed in this chapter shall be subject to inspection and approval by the Borough Engineer, who shall be notified by the applicant at least 24 hours prior to the start of construction. No underground installation shall be covered until inspected and approved. The developer shall reimburse the Borough for all reasonable inspection fees paid to the Borough Engineer for the foregoing inspection of improvements, provided that the Borough may require of the developer a deposit for all or a portion of the reasonably anticipated fees to be paid to the Borough Engineer for such inspection.