1. A Partial Completion and Release of Financial Security.
A. As the work of installing the required improvements proceeds, the party posting the financial security may request the Township Supervisors to release or authorize the release, from time to time, of such portions of the financial security necessary for payment to the contractor or contractors performing the work.
B. The Supervisors shall, prior to final release at the time of completion and certification by its engineer, require retention of 10 percent of the estimated cost of the aforesaid improvements for purposes of securing the maintenance bond on said improvements.
2. Completion of Improvements and Release from Financial Security.
A. When the developer has completed all of the necessary and appropriate improvements, the developer shall notify the Township, in writing, by certified or registered mail, of the completion of the aforesaid improvements and shall send a copy thereof to the Township Engineer.
B. The Township Supervisors shall, within 10 days after receipt of such notice, direct and authorize the Township Engineer to inspect all of the aforesaid improvements. The Township Engineer shall, thereupon, file a report, in writing, with the Supervisors and shall promptly mail a copy of the same to the developer by certified or registered mail. The report shall be made and mailed within 30 days after receipt by the Township Engineer of the aforesaid authorization from the Supervisors. The report shall be detailed and shall indicate approval or rejection of said improvements, either in whole or in part, and if said improvements or any portion thereof shall not be approved or shall be rejected by the Township Engineer, said report shall contain a statement of reasons for such non-approval or rejection.
C. The Township Supervisors shall notify the developer, within 15 days of receipt of the Township Engineer’s report, in writing, by certified or registered mail, of the action of said Township Supervisors within relation thereto.
D. If the Township Supervisors or Township Engineer fail to comply with the time limitation provisions contained herein, all improvements will be deemed to have been approved and the developer shall be released from all liability, pursuant to the performance guaranty bond or other security agreement.
E. If any portion of said improvements shall not be approved, or shall be rejected by the Township Supervisors, the developer shall proceed to complete the same and, upon completion, the same procedure or notification, as outlined herein, shall be followed.
F. Upon satisfactory completion of all the necessary and appropriate improvements as approved by the Township Engineer and receipt by the Supervisors of the appropriate letter of certification of completion of said improvements, the Supervisors shall release or authorize to be released the balance of the financial security, minus the 10 percent as specified above. The balance of financial security shall not be released until such time as the developer establishes additional financial security to ensure the design, structural integrity, and functioning of the specified improvements as specified in § 708 herein.
(Ord. 163, passed 2-28-2012, § 607; Ord. 172, passed 6-24-2014, § 1)