40:14B-75 - Maintenance, performance guarantee; cash requirement
40:14B-75. Maintenance, performance guarantee; cash requirement
13.A municipal authority shall not require that a maintenance guarantee required pursuant to section 11 of P.L.1999, c.11 (C.40:14B-73) be in cash or that more than 10% of a performance guarantee pursuant to that section be in cash. A developer may, however, provide at his option some or all of a maintenance guarantee in cash, or more than 10% of a performance guarantee in cash.
L.1999,c.11,s.13.