[Amended 1-8-1980 by Ord. No. 354-3C-80]
As a condition of final subdivision approval,
the Planning Board may require and shall accept performance and maintenance
guaranties in accordance with the standards adopted by ordinance for
the purpose of assuring the installation and maintenance of on-tract
improvements based on an estimate of the costs of the same to be performed
by the Township Engineer or, at his discretion, the Planning Board
Engineer.
The furnishing of a performance guaranty in
favor of the municipality shall be required in an amount not to exceed
120% of the cost of installation for improvements it may deem necessary
or appropriate, including streets, grading, pavement, gutters, curbs,
sidewalks, streetlighting, shade trees, surveyor's monuments, as shown
on the final map and required by the Map Filing Law, P.L. 1960, c.
141 (N.J.S.A. 46:23-9.9 et seq.), water mains, culverts, storm sewers,
sanitary sewers or other means of sewage disposal, drainage structures,
erosion control and sedimentation control devices, public improvements
of open space and, in the case of site plans only, other on-site improvements
and landscaping.
Provision shall be made for a maintenance guaranty
to be posted with the governing body for a period not to exceed two
years after final acceptance of the improvement, in an amount not
to exceed 15% of the cost of the improvement. In the event that other
governmental agencies or public utilities automatically will own the
utilities to be installed or the improvements are covered by a performance
or maintenance guaranty to another governmental agency, no performance
or maintenance guaranty, as the case may be, shall be required by
the municipality for such utilities or improvements.
The amount of any performance guaranty may be
reduced by the governing body, by resolution, when portions of the
improvements have been certified by the Municipal Engineer to have
been completed. The time allowed for installation of the improvements
for which the performance guaranty has been provided may be extended
by said body by resolution. If the required improvements are not completed
or corrected in accordance with the performance guaranty, the obligor
and surety, if any, shall be liable thereon to the municipality for
the reasonable cost of the improvements not completed or corrected,
and the municipality may, either prior to or after the receipt of
the proceeds thereof, complete such improvements.
As-built drawings shall be submitted before
the guaranty is considered for release. As each partial release is
applied for, as built drawings of the bonded improvements installed
shall be submitted to the Township Engineer.
The governing body shall either approve, partially
approve or reject the improvements on the basis of the report of the
Municipal Engineer and shall notify the obligor, in writing and by
certified mail, of the contents of said report and the action of said
approving authority with relation thereto, not later than 65 days
after receipt of the notice from the obligor of the completion of
the improvements. Where partial approval is granted, the obligor shall
be released from all liability pursuant to its performance guaranty,
except for that portion adequately sufficient to secure provision
of the improvements not yet approved. Failure of the governing body
to send or provide such notification to the obligor within 65 days
shall be deemed to constitute approval of the improvements, and the
obligor and surety, if any, shall be released from all liability pursuant
to such performance guaranty.
If any portion of the required improvements
is rejected, the approving authority may require the obligor to complete
such improvements, and, upon completion, the same procedure of notification,
as set forth in this section, shall be followed.
Nothing herein, however, shall be construed
to limit the right of the obligor to contest by legal proceedings
any determination of the governing body or the Municipal Engineer.
The obligor shall reimburse the municipality
for all reasonable inspection fees paid to the Municipal Engineer
for the foregoing inspection of improvements.