§ 10-5.2. Deposit of security funds.
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The owner of a multiple dwelling, and any association created for the maintenance of condominium common elements, open space, and/or management of the condominium, shall deposit with the Township Clerk security funds to be used for the repair, maintenance, supply or replacement of those items of structure, equipment or supplies which are necessary to correct, eliminate or alleviate an emergency condition. The amount of the security funds to be deposited with the Township Clerk shall be computed in the following manner:
a.Where the owner owns between four and 25 dwelling units, the owner shall deposit $100 for each dwelling unit.
b.Where the owner owns between 26 and 40 dwelling units, the owner shall deposit $2,500 for the first 25 units and $50 for each additional dwelling unit owned.
c.Where the owner owns more than 40 dwelling units, the owner shall deposit $2,500 for the first 25 units, $50 per unit for the next 15 units, and $30 per unit for each additional unit.
d.In no event shall an owner be required to deposit more than $5,000 in security funds pursuant to this section. All funds required to be deposited under the terms of this section shall be delivered to the office of the Township Clerk within 15 days after receipt of notice from the authority of the amount due. Notice of the amount due may be given by the authority or its agent by personally delivering same to the owner, or the owner's agent, servant, employee or joint venturer on the owner's premises, or by certified mail sent to the owner's last registered address. Upon receipt of such security funds, the Township Clerk shall deposit these funds in an interest-bearing savings account at a federally insured bank depository within the Township in the name of the Township Multiple Dwelling Emergency Commission in trust for each particular owner. All interest payable on such accounts shall accrue to the particular owner on whose behalf the account is maintained by the authority. The authority may expend up to 1% of the trust fund for administration expenses, including bank charges, postage, stationery, secretarial services, engineering and legal services, and such other professional services as are necessary to perform its duties, all to be paid by voucher, a copy of which shall be provided to the owner originally posting the trust fund, except that legal services and other expenses required to be expended to secure compliance with the provisions of this section from the owner and/or condominium association shall be considered as additional administration expenses properly charged against the trust fund.
e.Condominium associations created for the administration and/or management of common elements and open space and/or management of the condominiums shall be required to make deposits in accordance with the number of dwelling units within the condominium association, equal to 50% of that sum provided in paragraphs a. through d. of this subsection.