Deposit of Escrow with Banking Institution. Whenever the fees paid under Subsection 19-16.1b shall exceed five thousand ($5,000.00) dollars it 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 Borough Treasurer 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 him 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 no more than 33 1/3 percent of the entire amount, which shall be in addition of 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 escrow fees have been paid pursuant to Subsection 19-16.1b have been depleted to 20 percent of the original escrow amount, the planning and zoning office shall notify the applicant, and the applicant shall, immediately upon notification, replenish the account by depositing 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 bond shall be released, nor shall any certificate of occupancy be issued until adequate additional fees have been deposited by the applicant with the Borough.

Returning Fees to the Applicant. When the planning and zoning office determines that there is no longer any need to retain an escrow account in which to maintain funds pursuant to Subsection 19-16.1b, the applicant shall be entitled to the return of any moneys which remain in those accounts. The applicant shall follow the procedures established by the planning and zoning office to obtain a refund of said funds.

Exemption from Payment of Fees. In accordance with N.J.S.A. 40:55D-8, any philanthropic, fraternal and religious organization holding a tax-exempt status under the Federal Internal Revenue Code of 1954 is hereby exempt from the payment of any fees charged under this chapter by virtue of the provisions of N.J.S.A. 40:55D-1 et seq.