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Loaeea from operationa shall be met by special aeseasmeats
against d~relling unit owners, which assessments may be made in
advance in order to provide a working fund.
B. Hud et. The Board of Directors shall adopt g budget
for each calendar year that shall include the estimated t~inds
required to defray the comm:on expense and to provide and main- ~
tain fl~nds for the foregoing accounts and reserves according to ~
good accounting practices as follows:
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1. Current expense, the amount for which shall not ~
,
exceed 105 percent of the budget fer this account far the ~
prior year. '
~
2. Reserve for deferred rrafntenance, the amount for ;
r
,
;
Nhich shall not exceed 105 percent of the budget for this
account for Lhe prior year.
3. Reserve for replacement, the amoi:nt for which
shall not exceed 10~ percent of the bud~~t fe^ this account
for the prior year.
4. Betterments, which shall include the funds to be used
for capital expenditures for a~ditionai iu^grovements or addi-
i tional personal property tYiat wiii be a part cf the com.~non
~ elements, the amount for which shall n~t exceed Two Thousand
~
t
~ Five Hundred Dollars ($2,5~='.~~}, prcvided, hawever, th8t in
~ the expenditures of this fund no sur.: zn excess of One Thousand
~ ~
3 Dollars (~1,000.00) shall be expended for a single item or for
~ a single purpose without approval ef the members of the
~ ~
~ Association.
~ 5. Operations, the atr.ount of which may be to provide
~ a wQrking fund or to r~eet lcsses.
~ 6. Provided, hawever, that tY:e ar.mount for each
~ budgeted item may be increased over the fore6oing limitations
a= when approved by dwelling unit cwners entitled Lo cast not
~
ti~ less than ?5 percent of the votes of the entire ~embership of
the Association; and further provided that until the Developer
~
~ ha~ campleted all af ~he ~~nLe~F~at~d i,-r,p: cv~~ents and ~losed
~ the sales of all dMelling units of the Condominium, or until
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