A. When a subdivision is approved subject to conditions requiring the construction or installation of roads, sewer, water, or other improvements, the approved plat may be recorded prior to the completion of the improvements if the applicant meets the following requirements:
1. On a form provided by the engineer, the applicant shall submit to the borough engineer or, if applicable, the city engineer, a design for the bonded improvements and an estimate of the cost of completing all required subdivision improvements. The subdivision improvement cost estimate shall be certified by an engineer or surveyor, as appropriate.
2. Upon acceptance of the cost estimate by the borough engineer, the applicant shall submit to the borough engineer or, if applicable, the city engineer, a bond issued by a qualified corporate surety, guaranteeing payment to the borough or city of 120 percent of the certified subdivision improvement cost.
a. In place of the bond required hereunder, the applicant may offer other suitable surety equal to 120 percent of the certified subdivision improvement cost estimate when approved and signed by the applicant, borough or city engineer, and borough or city attorney.
b. In the event the applicant fails to complete the subdivision improvements within one year or, if applicable, within such other deadline as may be specified in the platting authority’s approval of the plat, the borough or, if applicable, the city shall redeem the surety for construction of required improvement.