The completion guarantee or financial security shall be returned
or released upon written certification by the Municipal Engineer or
a designated agent that improvements and facilities have been installed
and completed in accordance with the approved plan and specifications.
The procedures for requesting and obtaining a release of the completion
guarantee shall be in a manner prescribed by Section 510 of the Municipalities
Planning Code.
If improvements are not installed in accordance with the approved
final plans, the City of Latrobe Council 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 City of Latrobe Council
may at its option install part of such improvements in all or part
of the development and may institute appropriate legal or equitable
action 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 municipality purpose.
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 of a bond, cash, cashier's check or other negotiable
securities acceptable to the municipality.
B. Be for a term of 18 months.
C. Be in an amount equal to 15% of the actual cost of the improvements
and facilities so dedicated.
The City of Latrobe Council may adopt by resolution, from time
to time, a reasonable Schedule of Fees to cover the cost of presubmitted
and pre-construction meetings, plan reviews, inspections and other
activities necessary to administer, monitor and enforce the provisions
of this chapter. All fees shall be set in accordance with the applicable
provisions of the Municipalities Planning Code, 53 P.S. § 10101
et seq., and any dispute over the fee amount shall be resolved in
the manner prescribed by the Municipalities Planning Code.