Whenever a term which is defined in N.J.S.A. 40:55D-1 et seq., as amended, is used in this chapter or in Chapter 191, 209 or 242 of the Code of the Borough of Hopatcong, such term is intended to have the meaning set forth in the definition of such term found in said statute, unless said term is specifically defined in any of the aforementioned chapters, in which event said term, as defined, shall be construed to be applicable to all of said chapters unless a contrary intention is clearly expressed or implied from the context in which said term is used.

A. Whenever it is required as a condition to subdivision or site plan approval that a performance guaranty must be furnished in favor of the municipality in an amount not exceeding 120% of the estimated cost of any required improvements within a stated time, the time allowed for installation of the improvements for which the performance guaranty has been provided may be extended by the Borough Council by resolution. As a condition of or as part of any such extension, the amount of any performance guaranty shall be increased or reduced, as the case may be, to an amount not to exceed 120% of the cost of the installation as determined as of the time of passage of the resolution.

B. Upon substantial completion of all required appurtenant utility improvements and the connection of same to public system, the obligor may notify the Borough Council in writing of such completion or substantial completion, as provided for in N.J.S.A. 40:55D-53d, and, after inspection and report of the Municipal Engineer, the Borough Council may approve, partially approve or reject the improvements. Where partial approval is granted, the bond of the obligor may be reduced, provided that 30% of the amount of the performance guaranty posted may be retained to insure completion of all improvements. Notice shall be given to the obligor as required by N.J.S.A. 40:55D-53e.

C. The obligor and any such bond shall reimburse the Borough for all reasonable inspection fees paid to the Municipal Engineer for any such inspections of improvements, and the developer shall post a deposit to cover such fees in such amount as required by the municipal agency having jurisdiction.

D. In lieu of the performance guaranty provided for in Subsection A above, the Borough reviewing board, in its sole and absolute discretion, may accept from an applicant an irrevocable bank letter of credit issued by a bank which is a member of the Federal Reserve System. Said letter shall be issued to the benefit of the Borough and shall allow the Borough to draw upon such credit in its sole and absolute discretion. The letter of credit shall be of a duration adequate for the length of the project. The amount of the letter of credit shall be as determined by the Borough Engineer.