Performance guaranty. The furnishing of a performance guaranty in favor of the municipality in an amount not to exceed 120% of the cost of installation, which cost shall be determined by the Municipal Engineer according to the method of calculation set forth in Section 15 of P.L. 1991, c. 256 (N.J.S.A. 40:55D-53.4), for improvements which the approving authority may deem necessary or appropriate. Such improvements may include 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, public improvements of open space and, in the case of site plans only, other on-site improvements and landscaping.
(a) Prior to the granting of final approval, the subdivider shall have installed or have furnished performance guaranties for the ultimate installation of the following:
[1] Streets. All of the streets shall consist of a subbase of two-inch-thick dense graded aggregate base course, base of four-inch-thick bituminous stabilized base course (New Jersey Department of Transportation Mix I-2) and a surface course of two-inch-thick bituminous concrete surface course (New Jersey Department of Transportation Mix I-5). If design requirements determine that additional pavement thickness is required, the applicant shall design this with approval of the Borough Engineer. All construction is subject to inspection and approval by the Borough Engineer.
[2] Street signs. Street name signs shall be placed at all street intersections within or abutting the subdivision. Such signs shall be of a type approved by the Borough and shall be placed in accordance with the standards of the Borough.
[3] Curbs. All curbs shall be constructed with dimensions of six inches by eight inches by 18 inches by 10 feet with Class "B" concrete and subject to inspection and approval by the Borough Engineer.
[4] Sidewalks. All sidewalks shall be constructed with four inches thickness, minimum four feet wide and made of Class "B" concrete and subject to inspection and approval by the Borough Engineer. Sidewalk thickness and width is to be determined by the Borough Engineer.
[5] Depressed Curbs. Depressed curbs shall be a minimum of 12 in width and a maximum of 30 feet in width, except in the case of one- and two-family dwellings where the maximum width is 20 feet and constructed of Class "B" concrete and subject to inspection and approval by the Borough Engineer.
[6] Shade Trees. Shade trees shall be at least two inches in caliper, placed 35 feet apart and located on the street line so as not to interfere with utilities or sidewalks and shall be of the following types: Norway Maple, Oriental Plane.
[7] Topsoil protection. No topsoil shall be removed from the site or used as spoil. Topsoil moved during the course of construction shall be redistributed so as to provide at least six inches of cover to all areas of the subdivision and shall be stabilized by seeding or planting.
[8] Monuments. Monuments are to be of the size and shape required by Section 4 of Chapter 358 of the Laws of 1953 and shall be placed in accordance with said statute.
[9] Water mains, culverts, storm sewers, sanitary sewers and hydrants. All such installations shall be properly connected with an approved system and shall be adequate to handle all present and probable future development and shall be in accordance with the Design Standards and Specifications of the Borough and subject to the inspection and approval of the Borough Engineer.
(b) All of the above-listed improvements shall be subject to inspection and approval by the Borough Engineer who shall be notified by the developer at least 24 hours prior to the start of construction. No underground installation shall be covered until inspected and approved.
(c) The Municipal Engineer shall prepare an itemized cost estimate of the improvements covered by the performance guaranty, which itemized cost estimate shall be appended to each performance guaranty posted by the obligor.