[Ord. No. 70, 7/16/1990]
1. 
Financial security required by this part shall be in the form of a federal or commonwealth chartered lending institution irrevocable letter of credit, a restrictive or escrow account in such institution or with a financially responsible bonding company, cash or cash equivalent, or such other type of financial security subject to the approval of the township. The bonding company may be chosen by the party posting the financial security, provided that the bonding company or lending institution is authorized to conduct business within the Commonwealth of Pennsylvania and stipulates that it will submit to Pennsylvania jurisdiction and Chester County venue in the event of legal action.
2. 
All agreements for required guarantees shall be executed by the applicant or developer and shall be approved by the township provided that such agreement is satisfactory to the township solicitor.
3. 
If financial security has been provided in lieu of the completion of improvements required as a condition for the final approval of a subdivision or land development proposal as set forth by this part, the township shall not condition the issuance of a building, grading, or other permit relating to the erection or placement of improvements, including buildings, upon the lots or land as depicted upon the finally approved plan upon actual completion of the improvements depicted upon the finally approved plan. Moreover, if said financial security has been provided, occupancy permits for any building or buildings to be erected shall not be withheld following:
A. 
The completion of the construction of new streets as described in section 22-612 in all respects except for the installation of the wearing course.
B. 
The completion of all other improvements and utilities as depicted upon the finally approved plan, either upon the lot or lots or beyond the lot or lots in question if such improvements are necessary for the reasonable use of or occupancy of the building or buildings.
4. 
In the interest of facilitating financing, when requested by the applicant of a proposal satisfactory to the township in all respects, the board shall furnish the applicant with a signed copy of a resolution indicating approval of the final plan contingent upon the receipt of satisfactory financial security. The final plan or record plan shall not be signed or recorded until the improvements guarantee has been executed. The resolution or letter of contingent approval shall expire and be deemed to be revoked if the financial security agreement is not executed within 90 days unless a written extension is granted by the board. Such extension shall not be unreasonably withheld and shall be placed in writing at the request of the applicant.
5. 
The township will pay no interest on monies refunded.
[Ord. No. 70, 7/16/1990; Ord. No. 87, 11/12/2003]
1. 
The applicant shall deposit with the township financial security in an amount sufficient to cover the cost of all improvements, both public and private, and common amenities including, but not limited to, streets, walkways, trails, shade trees, stormwater detention and retention facilities, open space improvements, buffer or screen plantings, water mains and other water supply facilities, fire hydrants, and sanitary sewage disposal facilities and any additional contingencies as detailed in subsection 22-802.2.
2. 
When requested by the applicant, in order to facilitate financing, the board shall furnish the applicant with a signed copy of a resolution indicating approval of the final plan contingent upon the applicant obtaining a satisfactory financial security. The final plan or record plan shall not be signed nor recorded until the financial improvements agreement is executed. The resolution or letter of contingent approval shall expire and be deemed to be revoked if the financial security agreement is not executed within 90 days unless a written extension is granted by the board. Request for such extension by the applicant shall be in writing.
3. 
The said financial security shall provide for, and secure to the public, the completion of all subdivision improvements for which such security is being posted within one year of the date fixed on the subdivision plan and subdivision agreement for completion of such improvements.
4. 
The amount of financial security to be posted for the completion of the required improvements shall be equal to 110% of the cost of completion, including engineering and inspection costs, estimated as of 90 days following the date scheduled for completion by the applicant.
5. 
The township may adjust the amount of the financial security annually by comparing the actual cost of the improvements which have been completed and the estimated cost for the completion of the remaining improvements as of the expiration of the ninetieth day after either the original date scheduled for completion or a rescheduled date of completion. Subsequent to said adjustment, the township may require the applicant to post additional security in order to assure that the financial security equals 110%.
6. 
The amount of financial security required shall be based upon an estimate of the cost of completion of the required improvements, submitted by the applicant and prepared by a professional engineer licensed as such by the Commonwealth of Pennsylvania and certified by such engineer to be a fair and reasonable estimate of such cost. The township, upon the recommendation of the township engineer, may refuse to accept such estimate for good cause shown. If the applicant and the township are unable to agree upon an estimate, then the estimate shall be recalculated and decertified by another professional engineer licensed as such by the Commonwealth of Pennsylvania and chosen mutually by the township and the applicant. The estimate certified by the third engineer shall be presumed fair and reasonable, and shall be the final estimate. In the event that a third engineer is so chosen, fees for the services of said engineer shall be paid equally by the township and the applicant.
7. 
If the party posting the financial security requires more than one year from the date of posting of the financial security to complete the required improvements, the amount of financial security shall 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 date of the preceding one-year period by using the above procedure.
8. 
In the case where development is projected over a period of a year, the board may authorize submission of final plans by section or stage of development, subject to such requirements or guarantees for improvements within the future sections or stages of development as the board finds essential for the protection of any finally approved section of the development.
9. 
As the work of installing the required improvements proceeds, the party posting the financial security may request the board to release or authorize to be released, from time to time, such portions of the financial security necessary for payment to the contractor or contractors performing the work. Any such requests shall be in writing addressed to the board of supervisors, and the board shall have 45 days from receipt of such request within which to allow the township engineer to certify, in writing, to the board that such portion of the work upon the improvements has been completed in accordance with the approved plans. Upon such certification, the board shall authorize release by the bonding company or lending institution of an amount as estimated by the township engineer fairly representing the value of the improvements completed. If the board fails to act within said forty-five-day period, the board shall be deemed to have approved the release of funds as requested.
10. 
The township engineer, in certifying the completion of work for a partial release, shall not be bound to the amount requested by the applicant, but shall certify to the board his independent evaluation of the proper amount of partial releases.
[Ord. No. 70, 7/16/1990; Ord. No. 87, 11/12/2003]
1. 
When the developer has completed all of the necessary and appropriate improvements, he shall notify the board, in writing, by certified or registered mail, of the completion of the aforesaid improvements and shall send a copy thereof to the township engineer to inspect all of the aforesaid improvements. The township engineer shall file a report in writing with the board, and shall promptly mail a copy of the same to the developer by certified mail. The report shall be made and mailed within 30 days after receipt by the township engineer of the notification from the developer. The report shall be detailed and shall indicate approval or rejection of improvements, whether in whole or in part. If said improvements, or any portion thereof, shall not be approved or shall be rejected by the township engineer, said report shall contain a statement of reasons for such nonapproval or rejection.
2. 
The board shall notify the developer, in writing by certified mail, of the action of the board with regard to approval, nonapproval, or rejection of the improvements.
3. 
If any portion of the said improvements shall not be approved or shall be rejected by the board, the developer shall proceed to complete those improvements and, upon completion, the same procedure of notification as outlined hereabove shall be followed.
4. 
Ten percent of the improvements guarantee shall be held back by the township until the developer has posted a performance guarantee, as specified in section 22-804.
5. 
Any violations of federal, state, county or township regulations must be resolved before release of funds.
[Ord. No. 70, 7/16/1990]
1. 
The developer shall be responsible for maintenance of all subdivision or land development improvements until such improvements are offered for dedication and are accepted by the township or have been placed under the control of a community association.
2. 
Where the board accepts dedication of all or some of the required improvements following completion, the board shall require the posting of financial security to secure the structural integrity of the improvements and the functioning of the improvements in accordance with the design and specifications as depicted on the final plan.
3. 
The security required shall be in the form required by section 22-801 of this chapter, shall be for a term of 18 months from the date of the acceptance of dedication, and shall be in an amount equal to 15% of the actual costs of installation of the improvements so dedicated.
[Ord. No. 70, 7/16/1990; Ord. No. 87, 11/12/2003]
1. 
Where maintenance of stormwater retention facilities and/or trails are to be the responsibility of individual lot owners, a community association, or an organization capable of carrying out maintenance responsibilities, the board shall require that maintenance responsibilities be set forth in perpetual covenants or deed restrictions binding on the landowners' successors in interest, and may further require that an initial maintenance fund be established in a reasonable manner.
2. 
If water mains, sanitary sewer lines, or both, along with apparatus or facilities related thereto, are to be installed under the jurisdiction and pursuant to the rules and regulations of a public utility or municipal authority separate and distinct from the municipality, financial security to assure proper completion and maintenance thereof shall be posted in accordance with the regulations of the controlling public utility or municipal authority and shall not be included within the financial security as otherwise required in this part.
3. 
If streets are to be installed under the jurisdiction and pursuant to the rules of this chapter financial security to secure proper completion and maintenance thereof shall be posted in accordance with the regulations of the township and shall not be included within the financial security as otherwise required in this part.
4. 
The security required shall be in the form required by section 22-801, shall be for a term of 18 months from the date of the acceptance of dedication, and shall be in an amount equal to 15% of the actual costs of installation of the improvements so dedicated.