A. 
In lieu of the construction and completion of improvements required by this chapter prior to final plan approval and recordation, the applicant or developer will deposit a financial security acceptable to Borough Council and follow the procedures contained herein.
B. 
If water mains and sanitary sewer lines, or both, along with apparatus or facilities related thereto are to be installed under the jurisdiction and pursuant to the rules and regulations of a public utility or a municipal authority separate and distinct from the Borough, financial security to assure proper completion and maintenance thereof will be posted in accordance with the regulations of the controlling public utility or municipal authority and will not be included within the financial security as otherwise required by this section. The applicant or developer will provide evidence that financial security in an amount sufficient to secure the completion of all sewer and/or water facilities to be dedicated to such public utility or municipal authority has been provided and accepted by such entity.
A. 
The amount of financial security required will be 110% of the estimated cost of completion of the required improvements. This estimate submitted by an applicant or developer and prepared by a professional engineer licensed as such in this commonwealth and certified by this engineer to be a fair and reasonable estimate of such cost. Borough Council, upon the recommendation of the Borough Engineer, may refuse to accept such estimate for good cause shown.
B. 
If the applicant or developer and Borough Council are unable to agree upon an estimate, then the estimate will be recalculated and recertified by another professional engineer licensed as such in this commonwealth and chosen mutually by Borough Council and the applicant or developer. This estimate certified will be presumed fair and reasonable and will be the final estimate. The fees for the services of the engineer who develops the final estimate will be paid equally by the Borough and the applicant or developer.
C. 
If the party posting the financial security requires more than one year from the date of posting of the financial security to complete the required improvements the amount of financial security may be increased by an additional 10% for each one year period beyond the first anniversary date from posting of financial security or to an amount not exceeding 110% of the cost of completing the required improvements as reestablished on or about the expiration of the preceding one year period by using the estimating procedure in § 315-67D.
D. 
Borough Council may annually adjust the amount of the financial security by comparing the actual cost of the improvements that have been completed and the estimated cost for the completion of the remaining improvements. Subsequent to such adjustment Borough Council may require the developer to post additional security in order to assure that the financial security equals 110% of the estimated cost of completion of the remaining required improvements. The developer will post any additional security in accordance with this chapter.
The acceptable forms of financial security are as follows:
A. 
Surety performance bond. A security bond from a surety bonding company authorized to do business in the Commonwealth of Pennsylvania. The bond will be payable to the Borough of Lewisburg and will be in a form satisfactory to Borough Council.
B. 
Escrow account. A deposit of cash with the Borough held in escrow with a federal or commonwealth chartered financial institution. In the case of an escrow account, the applicant or developer will file with Borough Council an agreement between the financial institution and the applicant or developer guaranteeing the following:
(1) 
That the funds of the escrow account will be held in trust until released by the Borough and may not be used or pledged by the developer as security in any other matter during that period.
(2) 
In the case of a failure on the part of the developer to complete the said improvements, the institution will immediately make the funds available to the Borough for use in the completion of those improvements.
(3) 
Withdrawals from the account to pay for completed improvements will be pursuant to § 315-69.
C. 
Letter of credit. An irrevocable commercial letter of credit provided by the applicant and/or developer from a federal or commonwealth chartered financial institution. This letter will be deposited with the Borough and will certify the following:
(1) 
The amount of credit.
(2) 
In the case of failure on the part of the developer to complete the specified improvements within a time period specified in a written agreement between the Borough and the developer, the creditor will pay to the Borough such funds as are necessary to finance the completion of those improvements, up to the limit of credit stated in the letter.
(3) 
The letter of credit is irrevocable and may not be withdrawn, or reduced in amount, until released or partially reduced by the Borough.
D. 
Certified check. A certified check payable to the Borough drawn on a federal or commonwealth chartered financial institution.
E. 
Other forms of security. Any other form of guarantee acceptable to Borough Council.
As the work of installing the required improvements proceeds, the party posting the financial security may request Borough Council to release or authorize the release, from time to time, such portions of the financial security as are necessary for payment to the contractor or contractors performing the work. Any such requests will be made in writing addressed to Borough Council, and Borough Council will have 45 days from receipt of such request to allow the Borough Engineer to certify, in writing, that a portion of the work upon the improvements has been completed in accordance with the approved plan. Upon certification Borough Council will authorize release by the bonding company or lending institution of an amount estimated by the Borough Engineer to be the value of the improvements completed. If Borough Council fails to act within the 45 day period. Borough Council will be deemed to have approved the release of funds as requested. Borough Council may, prior to final release at the time of completion and certification by the Borough Engineer, require retention of 10% of the estimated cost of aforesaid improvements.
A. 
Notice of completion. When the developer has completed all of the agreed-upon improvements the developer will notify Borough Council in writing, by certified or registered mail, of the completion of the improvements and will send a copy also to the Borough Engineer. Borough Council will, within 10 days after receipt of such notice, direct the Borough Engineer to inspect all of the improvements. The Borough Engineer will file a written report with Borough Council and Borough Council or the Borough Engineer will promptly mail a copy of it to the developer by certified or registered mail. The report will be mailed within 30 days after receipt by the Borough Engineer of the authorization from Borough Council, the report will be detailed and will indicate approval or rejection of the improvements, either in whole or in part. If the Borough Engineer does not approve the improvements, or any portion of them, the report will contain a statement of reasons for such nonapproval or rejection.
B. 
Borough Council will notify the developer within 15 days of receipt of the Engineer's report, in writing by certified or registered mail, of the decision to accept or not accept the improvements.
C. 
If Borough Council fails to comply with the time limitation provisions contained herein, all improvements will be deemed to have been approved, and the developer will be released from all liability pursuant to its performance guaranty bond or other security agreement.
D. 
If any portion of the improvements will not be approved or will be rejected by Borough Council, the developer will proceed to complete the same and, upon completion, the same procedure of notification as outlined in this section will be followed.
E. 
Nothing herein, however, will be construed to limit the developer's right to contest or question by legal proceedings or otherwise, any determination of Borough Council or the Borough Engineer.