(A) Guarantee of completion. A completion guarantee in the form of a bond, cash deposit, certified check or other negotiable securities acceptable to the municipality, shall be filed. The guarantee shall cover all streets, sanitary sewers, stormwater management facilities, water systems, fire hydrants, sidewalks and other required improvements; it shall be in the amount and form prescribed by the State Municipal Planning Code, 53 P.S. § 10509.
(B) Release of completion guarantee. The procedures for requesting and obtaining a release of the completion guarantee shall be in a manner prescribed by the State Municipalities Planning Code 53 P.S. § 10510.
(C) Default of completion guarantee.
(1) If improvements are not installed in accordance with the approved final plan, the governing body may enforce any corporate bond or other security by appropriate legal and equitable remedies.
(2) 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 governing body may at its option install part of such improvements in all or part of the development and may institute appropriate legal or equitable action to recover the moneys necessary to complete the remainder of the improvements.
(3) All 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 municipal purpose.
(Ord. 4-2011, passed 10-8-2011)