In the case of major subdivisions and residential site plans, the furnishing of a performance guarantee in favor of the Borough shall be required in an amount not to exceed 120% of the cost of installation for improvements, as estimated by the Borough Engineer, as it may deem necessary or appropriate, including: streets, grading, pavement, gutters, curbs, sidewalks, streetlighting, shade trees, surveyor's monuments, as shown on the final map and required by the Map Filing Law, P.L. 1960, c. 141 (N.J.S.A. 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. Of such performance guarantee, a minimum of 10% must be in a form of cash or certified check made payable to the Borough, and the remainder in the form of a corporation surety performance bond issued by an authorized New Jersey corporation. The Borough Solicitor shall approve the performance guarantee as to form, sufficiency and execution. The Borough Engineer shall approve the performance guarantee as to size and scope.