a. No final plats shall receive final approval unless the developer shall have installed the required improvements or shall have furnished the Central Planning Board with a performance guarantee bond of sufficient amount as established by the Director for the purpose of assuring installation and maintenance of on-tract improvements:

1. The furnishing of a performance guarantee in favor of the City of Newark in an amount not to exceed one hundred twenty (120%) percent of the cost of installation for improvements which may be deemed necessary or appropriate including: streets, grading, pavement, gutters, curbs, sidewalks, street lighting, shade trees, surveyors, monuments as shown on the final plat and required by the "Map Filing Law," N.J.S. 46:23-9.9 et seq.; water mains, culverts, storm sewers, sanitary sewers or other means of sewage disposal, drainage structures, erosion control and sedimentation control devices which shall be properly connected with the municipal system and shall be adequate to handle all present and probable future development and public improvements of open space.

2. Provisions for a maintenance guarantee to be posted with the Municipal Council, City of Newark for a period not to exceed two (2) years after final acceptance of the improvements, in an amount not to exceed fifteen (15%) percent of the cost of the improvements. In the event that other governmental agencies or public utilities automatically will own the utilities to be installed or the improvements are covered by a performance or maintenance guarantee, shall be required by the City of Newark for such utilities or improvements.

3. All improvements required by the Central Planning Board shall be subject to inspection and approval by the Director of the Department of Engineering who shall be notified by the developer at least twenty-four (24) hours prior to the start of construction of the same. No underground installation shall be covered until inspected and improved.

b. The amount of any performance guarantee may be reduced by the Municipal Council, by resolution, when portions of the improvements have been certified by the Director of the Department of Engineering to have been completed. The time allowed for the installation of the improvements for which the performance guarantee has been provided may be extended by the Body by resolution.

c. If the required improvements are not completed or corrected in accordance with the performance guarantee the obligor and surety if any, shall be liable thereon to the City of Newark for the reasonable cost of the improvements not completed or corrected and the City of Newark may either prior to or after the receipt of the proceeds thereof complete such improvements.

d. When all of the required improvements have been completed, the obligor shall notify the Municipal Council in writing, by certified mail addressed in care of the City Clerk of the completion of the improvements and shall send a copy thereof to the Director of the Department of Engineering. Thereupon the Director of the Department of Engineering shall inspect all of the improvements and shall file a detailed report, in writing, with the Municipal Council indicating either approval, partial approval or rejection of the improvements with a statement of reasons for any rejection shall be set forth.

e. The Municipal Council shall either approve, partially approve or reject the improvements, on the basis of the report of the Director of the Department of Engineering and shall notify the obligor in writing, by certified mail, of the contents of the report and the action of the Board with relation thereto, not later than sixty-five (65) days after receipt of the notice from the obligor of the completion of the improvements. Where partial approval is granted, the obligor shall be released from all liability pursuant to this performance guarantee except for that portion adequately sufficient to secure provision of the improvements not yet approved. Failure of the Municipal Council to send or provide such notification to the obligor within sixty-five (65) days shall be deemed to constitute approval of the improvements and the obligor and surety, if any, shall be released from all liability, pursuant to such performance guarantee.

f. If any portion of the required improvements are rejected, the Central Planning Board 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.

g. Nothing herein, however, shall be construed to limit the right of the obligor to contest by legal proceedings any determination of the Municipal Council or the Director of the Department of Engineering.

h. The obligor shall reimburse the municipality for all reasonable inspection fees paid to the Director of the Department of Engineering for the foregoing inspection of improvements.

(Ord. 6 S+FB, 2-17-82 § 8.1)

The Central Planning Board may waive the requirement to install any of the above specified improvements by resolution, setting forth the reasons for waiver and noting them in the minutes; provided that such waiver does not endanger public health, safety and welfare. (Ord. 6 S+FB, 2-17-82 § 8.2)