As the work of installing the required SWM facilities proceeds, the
party posting the financial security may request the Borough Council
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 be in
writing addressed to the Borough Council, and the Borough Council
shall have 45 days from receipt of such request within which to allow
the Borough Engineer to certify, in writing, to the Borough Council
that such portion of the work upon the SWM facilities has been completed
in accordance with the approved SWM site plan. Upon such certification
the Borough Council shall authorize release by the bonding company
or lending institution of an amount as estimated by the Borough Engineer
fairly representing the value of the SWM facilities completed. The
Borough Council may, prior to final release at the time of completion
and certification by its Engineer, require retention of 10% of the
estimated cost of the aforesaid SWM facilities.