If proceeds from the completion bond are insufficient to pay the
cost of installing, or making repairs or corrections to, all improvements
guaranteed by such completion bond, Borough Council may, at its option,
install part of such improvements in all or part of the subdivision
or land development and may institute appropriate legal or equitable
action to recover the moneys necessary to complete the remainder of
the improvements. All of the proceeds, whether resulting from the
completion bond or from any legal or equitable action brought against
the developer, or both, shall be used solely for the installation
of the improvements guaranteed by such completion bond and not for
any other municipal purpose.