In lieu of the completion of any improvements required as a
condition for the final approval of a plat, the deposit with the Borough
of financial security in an amount sufficient to cover the costs of
such required improvements shall be made in accordance with Section
509 of the PMPC, as amended. 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 Borough 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 Borough authority and shall not be included
within the financial security as otherwise required by this article.
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 Borough 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 lot or lots in question if such improvements
are necessary for the reasonable use of or occupancy of the building
or buildings. Any ordinance or statute inconsistent herewith is hereby
expressly repealed.
Where the Borough accepts dedication of all or some of the required
improvements following completion, the Borough 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 article 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.