(A) Guarantee of completion. A completion guarantee in the form of a bond, cash deposit, certified check or other negotiable securities acceptable to the borough 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 Municipalities Planning Code (53 P.S. § 10509).
(B) Release of completion guarantee. The completion guarantee shall be returned or released upon written certification by the Borough Engineer or a designated agent that improvements and facilities have been installed and completed in accordance with the approved plan and specifications. The procedures for requesting and obtaining a release of the completion guarantee shall be in a manner prescribed by the Municipalities Planning Code (53 P.S. § 10510).
(C) Default of completion guarantee. If improvements are not installed in accordance with the approved final plan, the Borough Council may 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, the Borough Council 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. All proceeds, whether resulting from the security or 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 borough purpose.
(D) Dedication of public improvements.
(1) When streets, sanitary sewers, stormwater management facilities, water lines or other required improvements in the development have been completed in accordance with the final approved plan, such improvements shall be deemed private until such time as they have been offered for dedication to the borough and accepted by separate ordinance or resolution or until they have been condemned for use as a public facility.
(2) Prior to acceptance of any improvements or facilities, the Borough Engineer shall inspect it to ensure that it is constructed in accordance with the approved plan and is functioning properly. In the case of any stormwater control facility, it must be free of sediment and debris.
(3) The owner shall submit as-built plans for all facilities proposed for dedication.
(E) Maintenance guarantee. Prior to acceptance of any improvements or facilities, the applicant shall provide a financial security to secure the structural integrity and functioning of the improvements. The security shall:
(1) Be in the form of a bond, cash, certified check or other negotiable securities acceptable to the borough;
(2) Be for a term of 18 months; and
(3) Be in an amount equal to 15% of the actual cost of the improvements and facilities so dedicated.
(Ord. 980, passed 3-16-1993; Ord. 991, passed 2-21-1995)