(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 plat, the Borough Council is hereby granted the power to enforce any corporate bond or other security by appropriate legal and equitable remedies.
(B) 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 Council may, at its option, install part of such improvements in all or part of the subdivision or land development and may institute appropriate legal or equitable action to recover the moneys necessary to complete the remainder of the improvements.
(C) 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 borough purpose.
(2006 Code, § 22-614) (Ord. 90-9, passed 9-10-1990, § 614; Ord. 94-02, passed 5-2-1994, Art. III)