1. Where the Supervisors accept dedication of all or some of the required improvements following completion, the Supervisors shall require the posting of financial security as a maintenance guaranty to secure the design, structural integrity of said improvements, as well as the functioning of said improvements, in accordance with the design and specifications as depicted on the final plan for a term not to exceed 18 months from the date of acceptance of dedication. Said financial security shall be of the same type as otherwise required in this Section with regard to installation of such improvements, and the amount of the financial security shall not exceed 15 percent of the actual cost of installation of said improvements.
2. To secure release from the maintenance guaranty and financial security, the developer shall notify the Township Supervisors by certified or registered mail 90 days or as otherwise specified in the guaranty prior to the expiration date of said maintenance guaranty and request an inspection and written report by the Township Engineer as to the structural integrity and functioning of the specified improvements.
3. Upon receipt of said report and approval of the Engineer of the structural integrity and functioning of said improvements, the Township Supervisors shall release or authorize release of the maintenance guaranty financial security.
4. If the specified improvements are not found acceptable to the Township Engineer, the developer shall correct the same to the satisfaction of the Township Engineer and Supervisors before the maintenance guaranty financial security is released.
(Ord. 163, passed 2-28-2012, § 608; Ord. 172, passed 6-24-2014, § 1)