As the work of installing the required stormwater facilities proceeds,
the developer may request the Board of Supervisors to release or authorize
to release, from time to time, such portions of the financial security
necessary for payment to the contractor or contractors performing
the work. Any such requests shall be, in writing, addressed to the
Board of Supervisors which shall have 45 days from receipt of such
request within which to allow the Township Engineer to certify, in
writing, to the Board of Supervisors that such portion of the work
upon the facilities has been completed in accordance with the stormwater
management plan and permit. Upon such certification, the Board of
Supervisors shall authorize release by the bonding company or lending
institution of an amount as estimated by the Township Engineer fairly
representing the value of the facilities completed, or, if the Board
of Supervisors fails to act within a forty-five-day period, the Board
of Supervisors shall be deemed to have approved the release of funds
as requested. The Board of Supervisors may, prior to final release,
require retention of 10% of the estimated cost of the aforesaid facilities.
The final release of the financial security provisions shall be permitted
only after receipt by the Board of Supervisors of certification and
as-builts as required by this Part 5.