(A) 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, the borough shall enforce any corporate bond or other security by appropriate legal and equitable remedies. If the 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 and equitable action to recover the monies necessary to complete the remainder of the improvements.
(B) 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 municipal purpose.
(Ord. 1432, passed 5-18-2015, Art. 7, § 707)