Whenever an amount of money in excess of $5,000 is deposited by an applicant or developer with the Township for professional services employed by the Township for the review of submitted applications for development pursuant to § 901 of this ordinance, or for inspections pursuant to
§ DR-902F of this ordinance, or to satisfy the guarantee requirements pursuant to
§ DR-902D of this ordinance, the money, until repaid or applied to the purposes for which it is deposited, including the applicant's portion of the interest earned thereon, except as otherwise provided in this section, shall continue to be the property of the applicant or developer and shall be held in trust by the municipality in accordance with the following:
A. The money deposited shall be held in escrow.
B. The money shall be deposited by the Township in a banking institution or savings and loan association in New Jersey insured by an agency of the federal government, or in any other fund or depository approved for such deposits by the State.
C. The money shall be deposited in an account bearing interest at the minimum rate currently paid by the institution or depository on time or savings deposits.
D. The Township shall notify the applicant in writing of the name and address of the institution or depository in which the deposit is made and the amount of the deposit.
E. The Township shall not be required to refund an amount of interest paid on a deposit which does not exceed $100. However, if the amount exceeds $100, that entire amount shall belong to the applicant or developer and shall be refunded to him/her by the Township annually or at the time the deposit is repaid or applied to the purposes for which it was deposited, as the case may be; except that the Township may retain for administrative expenses a sum equivalent to not more than 33 1/3% of that entire amount which shall be in lieu of all other administrative and custodial expenses.
