N.J. Stat. § 52:27D-130.8
Current through L. 2023, c. 320.
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.
N.J.S. § 52:27D-130.8