(a) Where Borough Council accepts dedication of all or some of the required improvements following completion (whether such dedication is of the fee or of an easement), it shall require the posting of financial security to secure the structural integrity of the improvements and the functioning of the improvements in accordance with the design and specifications as depicted on the final plan. The security shall be in the form as is authorized for the deposit of the performance guarantee, as described in Section 1286.13, shall be for a term of 18 months from the date of the acceptance of dedication, and shall be in an amount equal to 15% of the actual costs of installation of the improvements so dedicated.
(b) Where maintenance of stormwater retention facilities or private streets is to be the responsibility of individual lot owners, a homeowners' association or similar entity, or an organization capable of carrying out maintenance responsibilities, Borough Council shall require that maintenance responsibilities be set forth in perpetual covenants or deed restrictions binding on the landowners' successors in interest, and may further require that an initial maintenance fund be established in a reasonable amount.
(Ord. 961, § 706. Passed 8-13-01.)