[Ord. 208, 9/25/2012]
The amount of financial security required shall be based upon
an estimate of the cost of completion of the required improvements
including construction costs based on prevailing wage rates, submitted
by an applicant/developer and prepared by a professional engineer
licensed as such in the Commonwealth of Pennsylvania and certified
by such engineer to be a fair and reasonable estimate of such cost.
The Township, upon recommendation of the Township Engineer, may refuse
to accept such estimate for good cause shown. If the applicant/developer
and the Township are unable to agree upon an estimate, the procedures
set forth in the Pennsylvania Municipalities Planning Code, Article
V, Section 509(g) shall be followed. If the applicant/developer requires
more than one year from the date of posting of the financial security
to complete the required improvements, the amount of financial security
may be increased by an additional 10% for each one-year period beyond
the first anniversary date from posting of financial security or to
an amount not exceeding 110% of the cost of completing the required
improvements as reestablished on or about the expiration of the preceding
one-year period by using the above bidding procedure.
[Ord. 208, 9/25/2012]
Where the Township accepts dedication of all or some of the
required improvements following completion, the Township may require
the posting of financial security to secure structural integrity of
the improvements in accordance with the design and specifications
as depicted on the final plan for a term not to exceed 18 months from
the date of acceptance of dedication. The amount of this financial
security shall not exceed 15% of the actual cost of installation of
the improvements.
[Ord. 208, 9/25/2012]
Where the Township accepts dedication of all or some of the
required improvements following completion, the Township shall require
the posting of financial security to secure structural integrity of
said improvements as well as the functioning of said improvements
in accordance with the design and specifications as shown on the final
plan. The maintenance period shall be 18 months from the date of acceptance
of dedication. The financial security shall be of the same type as
described in these regulations, and the amount of the financial security
for maintenance shall be 15% of the actual cost of installation of
said improvements.
[Ord. 208, 9/25/2012]
In the event that any required improvements have not been installed
as provided for in these regulations, or in accordance with the approved
final plan, the Township shall have the power to enforce any corporate
bond or other security by appropriate legal and equitable remedies.
If the 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 Township may, at its
option, install part of such improvements in all or part of the subdivision
or land development and may institute appropriate legal action to
recover the moneys necessary to complete the remainder of the improvements.
All of the proceeds, whether resulting from the security or from any
legal or equitable action brought against the applicant/developer,
or both, shall be used solely for the installation of the improvements
covered by such security.
[Ord. 208, 9/25/2012]
The contract shall also provide for engineering inspections,
insurance, reimbursement of expense to the Township, procedure upon
default and other subjects related to the development of the land.