Improvement standards, bonding and inspection. All streets, both internal and external, including grading and paving, driveways, parking areas, sidewalks, curbs, gutters, streetlighting, shade trees, water mains, water systems, culverts, storm sewers, sanitary sewers, pumping stations, drainage structures and recreational facilities, and such other improvements as may be found to be necessary in the public interest, shall be installed at the expense of the developer, provided that such standards may be modified by the Planning Board on recommendation by the Borough Engineer. Such improvements shall be completed to the satisfaction of the Mayor and Borough Council before a certificate of occupancy may be issued. In lieu of total completion of the above, an adequate performance bond guaranteeing the completion thereof may be accepted. Such bond is subject to approval by the Borough Solicitor as to form and surety, in an amount established by the Planning Board based on the estimated cost of improvements as approved by the Borough Engineer. The installation of all required improvements affecting the public interest shall be subject to the inspection and approval of the Borough Engineer.