In the event that the developer shall seek a temporary certificate of occupancy for a development, unit, lot, building, or phase of development, as a condition of the issuance thereof, the developer shall furnish a separate guarantee, referred to herein as a "temporary certificate of occupancy guarantee," in favor of the Borough in an amount equal to 120% of the cost of installation of only those improvements or items which remain to be completed or installed under the terms of the temporary certificate of occupancy and which are required to be installed or completed as a condition precedent to the issuance of the permanent certificate of occupancy for the development, unit, lot, building or phase of development and which are not covered by an existing performance guarantee.

Upon posting of a temporary certificate of occupancy guarantee, all sums remaining under a performance guarantee, required pursuant to section 30-10.2, which relate to the development, unit, lot, building, or phase of development for which the temporary certificate of occupancy is sought, shall be released. At no time may a Borough hold more than one guarantee or bond of any type with respect to the same line item.

The scope and amount of the temporary certificate of occupancy guarantee shall be determined by the Borough Engineer.

The temporary certificate of occupancy guarantee shall be released by the Governing Body upon the issuance of a permanent certificate of occupancy with regard to the development, unit, lot, building, or phase as to which the temporary certificate of occupancy relates.