Before approving any subdivision plan, the Board of Supervisors
shall require a written agreement that necessary grading, paving and
road improvements, sidewalks, streetlights, fire hydrants, water mains
and sanitary sewers, as may be required by the Township shall be installed
by the subdivider in strict accordance with the design standards and
specifications of the Township, within a specified time period.
The written agreement, which shall include a bond, deposit of
funds, or other securities sufficient in amount as shall be determined
and approved by the Board of Supervisors to cover the cost of such
improvements.
A. As a condition for the final approval of the plan of land subdivision
or land development, the subdivider or land developer shall deposit
with the Board of Supervisors a corporate bond, cash bond, or other
security acceptable to the Township sufficient in amount and coverage
as shall be determined by the Township Engineer to cover the cost
of any and all improvements which may be required by the Township.
Such bond, or other security shall provide for, and secure to the
public, the completion of any improvements which may be required within
the period of time specified by the Board of Supervisors for the completion
of such improvements.
B. In the case where land development is projected over a period of
years, the Board of Supervisors may authorize submission of final
plans by sections or stages of development subject to such requirements
or guarantees as to improvements in future sections or stages of development
as the Board of Supervisors finds essential for the protection of
any finally approved section of the development.