In lieu of the actual installation of required public improvements, the Township Board, on recommendation of the Planning Commission, may permit the applicant to provide a financial guarantee of performance of one or a combination of the requirements of the Township, the County Road Commission, County Drain Commission, or any other agency responsible for the administration, operation, or maintenance of the applicable public improvement. The Planning Commission may recommend and the Township Board may waive financial guarantees of performance under this article for nonmotorized circulation, streetlights, or street trees. In the case of all improvements, completion shall be required before the issuance of occupancy permits.