(a) Type of Guarantees and Terms. The improvements and standards described in this chapter have been adopted by Council on the effective date of these Regulations and no final or official plat of any subdivision shall be approved unless Council is satisfied that the subdivider has filed with Council a surety bond, cashier's check or certified check for 100 percent of the installation cost of the improvements, which shall be approved by the Planning Commission, guaranteeing to the Municipality that such improvements will be constructed and completed in a satisfactory manner and within a period specified by the Municipal Engineer, but such period shall not exceed two years unless mutually extended. Such bond or checks shall be approved by the Solicitor, shall be made payable to and enforceable by the Municipality and shall provide that the subdivider, his heirs, successors and assigns, their agent or servants, will comply with all applicable terms, conditions, provisions and requirements of these Regulations. Upon satisfactory completion of the improvements and approval of the same, in writing, by the Municipal Engineer, and with the presentation of letters of certification of payment in full of all contractors, subcontractors, suppliers of materials, engineers, surveyors and all inspection fees or other fees incurred by the installation of the improvements by the subdivider, the bonds may be released, in writing, by the Finance Director, or the cashier's or certified check may be returned to the developer.
(b) Portion of Improvements. When a portion of the improvements has, upon inspection by the Municipal Engineer, been satisfactorily completed, a reduction in the bonds or partial withdrawal of funds may be authorized, provided, however, that such reduction shall not reduce the balance of the bond below the re-estimated completion cost as of the date of reduction, and provided, further, that all other requirements of this section have been properly executed.
(c) Progressive Installation. The developer may apply for final approval and recording of only a portion of the entire subdivision. Under such a progressive unit development procedure, the installation of required improvements and sale or lease of lots may proceed only on that portion of the subdivision which has been approved and recorded.
(d) Failure to Complete Site Improvements. In the event the developer fails to complete the installation of all improvements according to the terms and conditions of the agreement, the Municipality, upon proper notice, may complete the same and appropriate such portion of money or bonds posted for the faithful performance of such work.