In accordance with N.J.S.A. 40:55D-53a(2), as
amended, the Borough of Ridgefield shall require the posting of a
maintenance guaranty 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 improvements or of the original installation as determined
by the Borough Engineer. 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 Borough for such utilities
or improvements.