For SWM site plans that involve subdivision and land development,
the applicant shall provide a financial guarantee, in an amount equal
to 110% of the estimated cost of all stormwater management BMPs, to
the Township for the timely installation and proper construction of
all stormwater management controls as required by the approved SWM
site plan and this chapter in accordance with the provisions of Sections
509, 510, and 511 of the Pennsylvania Municipalities Planning Code. A line item "Public Improvements Security Estimate" shall
be submitted by the applicant or his/her representative to assist
the Township Engineer in establishing the bond amount. Said bond shall
be conditioned upon the faithful performance of the control measures
specified on the SWM site plan within the times specified or within
any extension thereof granted by the Township. Said bond shall terminate
when all control measures as shown on the approved plan are completed
and approved by the Township Engineer. In lieu of the required bonds,
the applicant may deposit funds or securities in an escrow account
satisfactory to the Township Solicitor. Funds deposited in this account
for guaranteeing the construction or maintenance of control measures
shall only be used to secure the construction and maintenance of SWM
BMPs.
For SWM site plans that involve the dedication of all or some of the required improvements following completion, the Township may require the posting of financial security to secure structural integrity of said improvements as well as the functioning of said improvements in accordance with the design and specifications included in the SWM site plan for a term not to exceed 18 months from the date of acceptance of dedication. Said financial security shall be of the same type as otherwise required in §
252-31 with regard to installation of such improvements, and the amount of the financial security shall not exceed 15% of the actual cost of installation of said improvements in accordance with the provisions of Section 509 of the Pennsylvania Municipalities Planning Code.
A separate fund shall be established by the Township.