Deposit of Escrows with Banking Institution. Whenever the fees paid shall exceed five thousand ($5,000.00) dollars, they shall be deposited in a banking institution or savings and loan association in this State, insured by an agency of the Federal government, or, in any other fund or depository approved for such deposits by the State of New Jersey, in an account bearing interest at the minimum rate currently paid by the institution or depository on time or savings deposits. The Chief Financial Officer of the Borough shall notify the applicant, in writing, of the name and address of the institution or depository in which the deposit is made and the amount of the deposit. If the amount of interest earned on the deposit exceeds one hundred ($100.00) dollars, that entire amount shall belong to the applicant and shall be refunded to the applicant by the Borough on an annual basis or at the time the deposit is repaid or applied to the purpose for which it was deposited; provided, however, that the Borough shall retain, for administrative expenses, a sum equivalent to more than thirty-three and one-third (33 1/3%) percent of the entire amount, which shall be in addition to all other administrative expenses. In the event that the interest paid on a deposit for a year does not exceed one hundred ($100.00) dollars, the same is to be retained by the Borough.

Replenishment of Escrow Account. Whenever the escrow account, in which fees have been paid and have been depleted to twenty (20%) percent of the original escrow amount, the Borough Engineer and the Borough Treasurer shall notify the applicant, and the applicant shall, immediately upon notification, replenish the account by depositing fifty (50%) percent of the original escrow amount with the Borough. The appropriate Board and its professionals shall not take any further action on the application or make further inspections and no bonds shall be released, nor shall any Certificate of Occupancy be issued until adequate additional fees have been deposited by the applicant with the Borough.

Compliance Review. It shall be a condition of final site plan or subdivision approval that the applicant shall post an additional fee, equal to twenty-five (25%) percent of the base fee, as submitted under subsection 19-20.3b. above, for each requested review of an application for compliance with the terms of the resolution granting such final approval. If, at the time of Resolution Compliance, the Board Secretary determines that funds exist in the applicant's posted escrow account greater than or equal to twenty-five (25%) percent of the base escrow fee, then no additional escrow funds will be required of the applicant for Resolution Compliance reviews by the Board's professionals.

Returning Fees to the Applicant. When the Borough Engineer determines that there is no longer any need to retain an escrow account in which to maintain funds, the applicant shall follow the procedures established by the Borough Treasurer to obtain a refund of said funds.

Any payments charged to the deposit for review of applications, review of preparation of documents, and inspection of improvements, shall be pursuant to the procedures and requirements set forth in N.J.S.A. 40:55D-53.2(c). The closeout for all deposits and escrow accounts established pursuant to this section shall be in accordance with the procedures set forth in N.J.S.A. 40:55D-53.2(d). In the event that the applicant disputes any charges against the escrow account, the appeal procedure shall be followed as set forth in N.J.S.A. 40:55D-53.2(a).