§ 175-72. Guaranties for on-tract improvements.

   A.   Before recording final subdivision plats or as a condition of final site plan approval or as a condition to the issuance of a zoning permit pursuant to N.J.S.A. 40:55D-65d, the approving board shall require and accept in accordance with the standards adopted by this chapter for the purpose of assuring the installation and maintenance of on-tract improvements:

      (1)   The furnishing of a performance guaranty in favor of the Town of Hammonton in an amount not to exceed 120% of the cost of installation of improvements it may deem necessary or appropriate, including streets, grading, pavement, gutters, curbs, sidewalks, street lighting, shade trees, surveyor's monuments as shown on the final map and required by the Map Filing Law (N.J.S.A. 46:23-9.9 et seq.), water mains, culverts, storm sewers, sanitary sewers or other means of sewage disposal, drainage structures, erosion control and sedimentation control devices, public improvements of open space and, in the case of site plans only, other on-site improvements and landscaping.

      (2)   Provisions for a maintenance guaranty to be posted with the Town Council 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 improvement. In the event that other governmental agencies or public utilities automatically will own the utilities to be installed and/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 Town Council for such utilities or improvements.

   B.   The time allowed for installation of the improvements for which the performance guaranty has been provided may be extended by the Town Council by resolution. As a condition or as part of any such extension, the amount of any performance guaranty shall be increased or reduced, as the case may be, to an amount not to exceed 120% of the cost of the installation as determined as of the time of the passage of the resolution.

   C.   If the required improvements are not completed or corrected in accordance with the performance guaranty, the obligor and surety, if any, shall be liable thereon to the town for the reasonable cost of the improvements not completed or corrected, and the town may either prior to or after the receipt of the proceeds thereof complete such improvements.