Deposits to be held in escrow. Whenever an amount of money in excess of $5,000 shall be deposited by an applicant with the Township, the money, until repaid or applied to the purposes for which it is deposited, including the applicant's portion of the interest earned thereon, except as otherwise provided in this chapter, shall continue to be the property of the applicant and shall be held in trust by the Township. Deposits received pursuant to this section shall be held in escrow and deposited in a banking institution or savings and loan association in New Jersey insured by an agency of the Federal government, or any other fund or depository approved for such deposits by the State of New Jersey. Such deposits shall be placed in an account bearing interest at the minimum rate currently paid by the institution or depository on time or savings deposits. The Township 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.

Refund of deposits; interest. Any of the funds remaining in the deposit or escrow accounts after the approving authority has granted final approval and signed the subdivision plat or site plan or after the improvements have been approved the applicant shall send written notice by certified mail to the Chief Financial Officer of the Municipality and the approving authority and to the relevant municipal professional, that the application or the improvements are completed. After receipt of notice, the professional shall render a final bill to the Chief Financial Officer of the Municipality within 30 days, and shall also send a copy to the applicant at the same time. The Chief Financial Officer shall render a written final accounting to the applicant on the uses to which the deposit was put within 45 days of receipt of the final bill. For deposits or escrow accounts over $5,000 placed in an interest bearing account pursuant to this chapter, refunds of interest shall be made as follows: