No plat shall be finally approved unless the streets shown on such
plat have been improved to a mud-free or otherwise permanently passable
condition, or improved as may be required by this chapter, and any
walkways, curbs, gutters, streetlights, fire hydrants, shade trees,
water mains, sanitary sewers, storm sewers and other improvements
as may be required by this chapter have been installed in accordance
with this chapter and its appendixes. In lieu of the completion of any improvements required
as a condition for the final approval of a plat, the applicant shall
deposit with the Borough a financial security in an amount sufficient
to cover the costs of such improvements or common amenities, including,
but not limited to, roads, stormwater detention and/or retention basins
and other related drainage facilities, recreational facilities, open
space improvements, or buffer or screen plantings which may be required.
The applicant shall not be required to provide financial security
for the costs of any improvements for which financial security is
required by and provided to the Department of Transportation in connection
with the issuance of a highway occupancy permit pursuant to Section
420 of the Act of June 1, 1945 (P.L. 1242, No. 428), known as the
"State Highway Law." If water mains or 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 Borough,
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 by this section.