In lieu of the completion of any improvement required prior to and as a condition for final approval of a plat, the applicant shall deposit a completion bond, as defined by Title Seven, in favor of the Borough, in an amount equal to one hundred and ten percent (110%) of the cost of installation of the improvements as determined by the Borough Engineer or by bona fide bids from the contractor selected by the developer to install the improvements. The term of the completion bond shall be for a period of one year from the date that the completion bond is posted.
(Ord. 2748. Passed 11-17-86.)