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.[1] 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.
[1]
Editor's Note: See 53 P.S. § 10509.
A. 
Form of financial security. Without limitation as to other types of financial security which the Borough may approve, which approval shall not be unreasonably withheld, federal or commonwealth chartered lending institution irrevocable letters of credit and restrictive or escrow accounts in such lending institutions shall be deemed acceptable financial security for the purposes 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. The financial security shall provide for, and secure to the public, the completion of any improvements which may be required on or before the date fixed in the formal action of approval or accompanying agreement for completion of the improvements.
B. 
Amount of guarantee. 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, as estimated and readjusted annually in accordance with Section 509 of the PMPC, as amended.[1]
[1]
Editor's Note: See 53 P.S. § 10509.
A. 
The developer shall contact the Borough to coordinate a construction observation schedule, notification procedures, and other related improvement guarantee administration topics and to determine the need for an on-site, preconstruction meeting to the satisfaction of Borough Staff and/or the Borough Engineer. The developer shall contact the Borough Engineer prior to the construction of site improvements in order to create an inspection schedule to the satisfaction of the Borough Engineer.
B. 
When the developer has completed all of the necessary and appropriate improvements, the developer shall notify the Borough in writing. The Borough shall direct and authorize the inspection of the aforesaid improvements in accordance with Sections 509 and 510 of the PMPC, as amended.[1] If any portion of said improvements shall not be approved or shall be rejected by the Borough, the developer shall proceed to complete the same and, upon completion, the same procedure of notification as set forth in the PMPC shall be followed.
[1]
Editor's Note: See 53 P.S. §§ 10509 and 10510, respectively.
A. 
Partial release of funds. As the work of installing the required improvements proceeds, the party posting the financial security may request in writing that the Borough to release or authorize the release, 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 made and processed in accordance with the PMPC.
B. 
Final release. A request for the final release of financial security for completion of improvements for a subdivision or land development shall be made in writing in accordance with the PMPC.
C. 
Remedies to effect completion of improvements. In the event that any improvements which may be required have not been installed as provided in the subdivision and land development ordinance or in accord with the approved final plat, the Borough is hereby granted the power to enforce any corporate bond, or other security by appropriate legal and equitable remedies. If proceeds of such bond, or other security are insufficient to pay the cost of installing or making repairs or corrections to all the improvements covered by said security, the Borough may, at its option, install part of such improvements in all or part of the subdivision or land development and may institute appropriate legal or equitable action to recover the moneys necessary to complete the remainder of the improvements. All of the proceeds, whether resulting from the security or from any legal or equitable action brought against the developer, or both, shall be used solely for the installation of the improvements covered by such security, and not for any other Borough purpose.
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.