N.J.S.A. 52:27D-130.8 — Adoption of ordinance requiring replacement for performance guarantee.

52:27D-130.8 Adoption of ordinance requiring replacement for performance guarantee. 6. The governing body of a municipality may adopt an ordinance requiring a successor developer to furnish a performance guarantee as a replacement for a performance guarantee that was previously accepted in accordance with standards adopted by ordinance and regulations adopted pursuant to section 1 of P.L.1999, c.68 (C.40:55D-53a) and section 41 of P.L.1975, c.291 (C.40:55D-53) for the purpose of assuring the installation and maintenance of on-tract improvements, and releasing the predecessor obligor and surety, if any, from liability pursuant to its performance guarantee. L.2013, c.123, s.6.

This is the verbatim text of N.J.S.A. 52:27D-130.8, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.