When requested by the developer, in order to facilitate financing,
Council shall furnish the developer with a signed copy of a resolution
indicating approval of the final plan contingent upon the developer
obtaining satisfactory financial security. The final plan or record
plan shall not be signed nor recorded until the financial improvements
agreement is executed.
In the event that any improvements which may be required have
not been installed as provided in this chapter or in accord with the
approved final plan, Council 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, Council 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 municipal purpose.
After completion and municipal approval of subdivision or land
development improvements as shown on final plans, and before municipal
acceptance of such improvements, the developer shall submit to Council
a corrected copy of said plans showing actual dimensions and conditions
of streets and all other improvements, certified by an engineer or
surveyor to be in accordance with actual construction. As-built plans
for individual lots shall also be provided to the Township.