Conference/Public Meeting Agendas/Documents — Packet

DRAFT PROPOSED REVISIONS – OCTOBER 2011 1. Form. The performance guarantee may be in the form of a performance bond, which shall be issued by a bonding or surety company approved by the Township Council, or of a certified check, returnable to the subdivider after full compliance, or by any other type of surety approval by the Township Attorney. The performance guarantee shall be approved by the Township Attorney as to form, sufficiency and execution. 2. Term. The performance guarantee shall run for a period to be fixed by the Planning Board, but in no case for a term of more than three (3) years. However, with the consent of the owner and of the surety, if there be one, the Township Council may, by resolution, extend the term of such performance guarantee for the additional period not to exceed three (3) years. 3. Reduction of Amount. The amount of the performance guarantee may be reduced by the Township Council by resolution when portions of the required improvements have been installed. (1972 Code § 24-9.6) 32-9.7 Liability for Breach of Performance Guarantee. If the required improvements have not been installed in accordance with the performance guarantee, the obligor and surety shall be liable thereon to the Township for the reasonable cost of the improvements not installed, and upon receipt of the proceeds thereof, the Township shall install such improvements. (1972 Code § 24-9.7) 32-9.8 Deposit of Funds. All moneys paid by an applicant pursuant to this chapter shall be paid over to the Township Treasurer, who shall provide a suitable depository therefor. Such funds shall be used only for the improvements for which they are deposited or improvements serving the same purpose. (1972 Code § 24-98; Ord. No. 473-78) 32-9.9 Refund of Deposit where Improvements Are Not Authorized within Five Years. In any case in which an applicant shall deposit money with the Township for the completion of an improvement that is to be constructed pursuant to this chapter by the Township, the applicant shall be entitled to a full refund of such deposit if the Township Council shall have enacted an ordinance authorizing the improvement within five (5) years after the date of All other development improvements are completed.

ull refund of such deposit if the Township Council shall have enacted an ordinance authorizing the improvement within five (5) years after the date of All other development improvements are completed. (1972 Code § 24-9.9; Ord. No. 473-78) 32-9.10 Redetermination of Assessment Upon Completion of Improvement. Upon completion of off-tract improvements required pursuant to this chapter, the applicant's liability hereunder shall be recalculated in accordance with the actual, as compared with the estimated cost of the improvements. To the extent that such recalculation shall increase the amount of any cash deposit made by the applicant hereunder, the applicant shall forthwith pay the amount of such increase to the Township. To the extent that it shall decrease the amount thereof, the Township shall forthwith refund the amount of such decrease to the applicant. In cases where improvements are specially assessed against all benefited properties, recalculation shall be made by the Township assessing authority in the course of the special assessment proceedings. In other cases, it shall be made by the Township Engineer. (1972 Code § 24-9.10; Ord. No. 473-78) 32-10 DESIGN STANDARDS. 259