The amount of the performance guarantee is in accordance with §
120-6.5.
The Board, upon application by the developer, may recommend
to the Borough Council the reduction of the amount of the performance
guarantee up to 70% upon certification, in writing, by the Borough
Engineer that certain portions of the required improvements and Planning
Board conditions have been properly completed and upon the posting
of proper guarantees and maintenance bonds, provided that the remaining
performance guarantees and maintenance bonds are adequate to insure
completion of the remaining improvements.