[Amended 8-26-2020 by Ord. No. 20-05]
A.
In cases where a builder or developer desires to install sewers, laterals and building sewers to every housing unit within a housing development prior to their individual sale, he shall meet all conditions as set forth in this section and in other sections of this Part 1.
B.
Plot plans for such a development must be submitted to the Township, which must include a covenant to convey and dedicate to the Authority the sewers so constructed, other than building sewers, when the said sewers are connected to the sewer system. Said plans must be approved by the Township and the Authority prior to any construction. Sewer plans conforming to all original specifications established by the Township as to type of pipe, location of mains, size of pipe, grades, methods of laying pipe and the type of construction of all necessary appurtenances must be prepared, approved by the Township and the Authority, and approval obtained from the necessary state agencies. The engineering fees and charges for permits will be paid by the builder or developer. In no case will lesser standards than exist in the sewer system presently to be constructed and as outlined in this Part 1 be permitted for any future extensions. Upon approval of such plans by the Township, the Authority and the necessary state agencies, the extensions may be constructed by and at the expense of the builder or developer, but only under the inspection of an inspector designated by the Township. The cost of such inspection, including salaries and expenses, shall be borne by the builder or developer making the extensions.
C.
Prior to acceptance of dedication by the Authority, a builder or developer shall post financial security to secure structural integrity of said dedicated improvements as well as the functioning of said dedicated improvements in accordance with the design and specifications as depicted on the final plat for a term not to exceed 18 months from the date of acceptance of dedication. The amount of the financial security shall not exceed 15% of the actual cost of installation of said dedicated improvements.
(1)
Without limitation as to other types of financial security which the Authority may approve, which approval shall not be unreasonably withheld, federal- or commonwealth-chartered lending institution irrevocable letters of credit and restrictive or escrow accounts in such lending institutions shall be deemed acceptable financial security for the purposes of this section.
(2)
Such financial security shall be posted with a bonding company or federal- or commonwealth-chartered lending institution chosen by the party posting the financial security, provided said bonding company or lending institution is authorized to conduct such business within the commonwealth.