§ 53A-16. Guarantees and inspections.

A. 

No final plat shall be approved by the approving authority until all required on-site and off-site improvements, including but not limited to those improvements set forth in the Borough of Lavallette Subdivision Ordinance, as amended and supplemented, have been installed, inspected, certified and approved by the Borough Engineer and accepted by the governing body and a maintenance guaranty has been filed and accepted by the governing body in accordance with the requirements of this chapter, or their installation shall have been provided for by a performance guaranty accepted and approved by the governing body in accordance with the requirements of this chapter.

B. 

The performance guaranty shall consist of a performance bond in a form approved by the Borough Attorney, in which the applicant shall be principal and an acceptable surety company licensed to do business in the State of New Jersey shall be surety, or cash or a certified check which shall be deposited with the Borough of Lavallette by payment to the Municipal Treasurer.

C. 

The total performance guaranty shall consist of a performance bond in a form approved by the Borough Attorney, in which the guaranty shall be an amount equal to 120% of the estimated cost of the necessary improvements as determined by the Borough Engineer. Ninety percent of this total shall be in cash, certified check or surety bond of a bonding company approved by the governing body. The remaining 10% shall be in cash and shall be deposited with the Borough of Lavallette by payment to the Municipal Treasurer.

D. 

Performance guaranties shall run for a term not to exceed 18 months; provided, however, that such guaranties, with the consent of the principal and surety, if any, may be extended by the governing body by resolution for an additional period of not to exceed 18 months.

E. 

At least one week prior to the beginning of construction or installation of any required improvements, the developer shall notify the Borough Engineer in writing of the developer's intention to commence such work. All improvements shall be inspected during the time of their installation by the Borough Engineer or his designee to ensure satisfactory completion, and no underground installation shall be covered until inspected by the Borough Engineer or his designee. The cost of all inspections shall be the responsibility of the developer, and he shall deposit the necessary inspection fee with the Planning Board Secretary upon making application for final approval under this chapter or prior to the start of any construction, whichever shall first occur. The inspection fee shall be in addition to the amount of any required performance or maintenance guaranty and shall consist of 5% of the estimated cost of the improvements to be constructed as determined by the Borough Engineer. This fee shall be held in a separate escrow account by the Borough and used to pay the cost of inspecting the construction. It shall be the obligation of the developer to pay for the actual cost of inspecting the construction. Any excess money shall be remitted to the developer upon approval of all improvements as provided herein. Any additional inspection costs shall be paid by the developer prior to the approval of the improvements by the governing body, as provided for herein.

F. 

After completing the construction of the improvements covered by the performance guaranty, the developer shall make application to the governing body in writing by certified mail addressed to the Borough Clerk, with a copy sent by certified mail to the Borough Engineer for final inspection of such improvements. The Borough Engineer shall, within 30 days after his receipt of said application, inspect the improvements in question and report in writing to the governing body indicating approval, partial approval or rejection of the improvements with a statement of reasons for any rejection. If partial approval is indicated, the cost of the improvements rejected shall be set forth.

G. 

The governing body shall either approve, partially approve or reject the improvements on the basis of the report of the Borough Engineer and shall notify the developer in writing, by certified mail, of the contents of said report and the action of the approving authority not later than 65 days after receipt of the notice from the developer of the completion of the improvements. Where partial approval is granted, the obligor shall be released from all liability pursuant to its performance guaranty, except for that portion adequately sufficient to secure provision of the improvements not yet approved. Failure of the governing body to send or provide such notification to the obligor within 65 days shall be deemed to constitute approval of the improvements, and the obligor and surety shall be released from all liability pursuant to said performance guaranty.

H. 

If any portion of the required improvements is rejected, the approving authority may require the obligor to complete such improvements and, upon completion, the same procedure of notification, as set forth in this section, shall be followed.

I. 

The approval of any plat under this chapter by the approving authority shall in no way be construed as an acceptance of any street, drainage system or other improvement required by this chapter, nor shall such plat approval obligate the Borough Lavallette in any way to maintain or exercise jurisdiction over such street and drainage system or other improvement. Acceptance of any street, drainage system or other improvement shall be implemented only by favorable action of the governing body.