No plat shall be finally approved unless the streets shown 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, recreational facilities, shade trees, water mains, sanitary sewers, storm drains, and other improvements as may be required by this chapter have been installed in accordance with this chapter. In lieu of the completion of any improvements required as a condition for the final approval of a plat, a deposit with the municipality of financial security may be required in an amount sufficient to cover the costs of any 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. Without limitation as to other types of financial security which the municipality may approve, which approval shall not be reasonably withheld, federal or commonwealth lending institution irrevocable letters of credit and restrictive or escrow accounts in such lending institutions shall be deemed acceptable financial security for the purpose of this section. 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. Such bond or other security shall provide for and secure to the public, the completion of any improvements which may be required within one year of the date fixed in the subdivision plat for completion of such improvements. The amount of financial security shall be equal to 110% of the cost of the required improvements, estimated as of 90 days following the date scheduled for completion by the developer for which financial security is to be posted. The cost of the improvements shall be established by submission to the Township Supervisors of bona fide bid or bids from the contractor or contractors chosen by the party posting the financial security to complete the improvements; or, in the absence of such bona fide bids, the costs shall be established by estimate prepared by the municipality's engineer. 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 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 procedures. In the case where development is projected over a period of years, the Township Supervisors may authorize submission of final plats by section or stages of development subject to such requirements or guarantees as to improvements of future sections or stages of development as it finds essential for the protection of any finally approved section of the development. As the work of installing the required improvements proceeds, the party posting the financial security may request the Township Supervisors to release or authorize the release of, 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 Township Supervisors, and the Township Supervisors shall have 45 days from receipt of such request within which to allow the Municipal Engineer to certify, in writing, to the Township Supervisors that such portion of the work upon the improvements has been completed in accordance with the approved plat. Upon such certification, the Township Supervisors shall authorize release by the bonding company or lending institution of an amount as estimated by the Municipal Engineer fairly representing the value of the improvements completed; or, if the Township Supervisors fall to act within said forty-five-day period, the Township Supervisors shall be deemed to have approved the release of funds as requested. The Township Supervisors may, prior to final release at the time of completion and certification by its engineer, require retention of 10% of the estimated cost of the aforesaid improvements. Where the governing body accepts dedication of all or some of the required improvements following completion, the governing body may 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 depicted on the final plat for a term not to exceed 18 months from the date of acceptance of dedication. Said financial security shall be of the same type as otherwise required in this section with regard to installation of such improvements; and the amount of the financial security shall not exceed 15% of the actual cost of installation of said improvements. If water mains or sanitary sewer lines, or both, along with apparatus of 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 posed 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. If financial security has been provided in lieu of the completion of improvements required as a condition for the final approval of a plat as set forth in this section, the municipality shall not condition the issuance of building, grading or other permits relating to the erection or placement of improvements, including buildings, upon the lots or land as depicted upon the final plat upon actual completion of the improvements depicted upon the approved final plat. Moreover, if said financial security has been provided, occupancy permits for any building or buildings to be erected shall not be withheld following the improvement of the streets providing access to and from existing public roads to such building or buildings to a mud-free or otherwise permanently passable condition, as well as the completion of all other improvements as depicted upon the approved plat, either upon the lot or lots or beyond the lots in question if such improvements are necessary for the reasonable use of or occupancy of the building or buildings.