A. For subdivisions and land developments the applicant shall provide a financial guarantee to the municipality for the timely installation and proper construction of all stormwater management controls as: required by the approved drainage plan equal to or greater than the full construction cost of the required controls; or in the amount and method of payment provided for in Chapter 515, Subdivision and Land Development.
B. For other regulated activities, the municipality may require a financial guarantee from the applicant.
C. At the completion of the project, and as a prerequisite for the release of the performance guarantee, the applicant or his representatives shall:
(1) Provide a certification of completion from an engineer, architect, surveyor or other qualified person verifying that all permanent facilities have been constructed according to the plans and specifications and approved revisions thereto.
(2) Provide a set of record drawings in the form required by § 505-112.
D. After the municipality receives the certification, a final inspection shall be conducted by the Municipal Engineer or designee to certify compliance with this Part.