HomeMy WebLinkAbout2668 The same reduction in the amouut of the assessment shall apply to the first assessment
levied a~ainst any property which is here~fter added to the proparties now sub,ject
to assessment at a time other than the beginning of any assessment period.
1t~e due date of any special assessment under Section S hereaf shall be fixed in
the resolution authorizing such assessment.
Section 4. Basis and Maximum of Annual Assessments. From the date of
commencement of annual assessments until the year beginning January 1. 1977, the
aanual assessment shall be sixty dollars ($60) per Lot or Li~•ing Unit. From .
and after January 1, 1977, the annual assessment may be adjusted by vote of the
Members, as hereinafter provided, for the next ~ucceeding three years and at the
end of each such period of threP years for each suceeding period of three years.
'l~e Board of Directors of the Association may, after consideration of current
maintenanc~ costs and future needs of the Association, fix the actual assessment
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for any year at a lesser amount.
Section S. Special rlssessment for Capital Improvements. In addition to
the annual assessments referred to in this Article, the Association may levy
in any assessment year a special assessment, applicable to that year only, for
the purpose of defraying, in whole or in part, the cost of any construction or
reconstruction, unexpected repair or replacement of a described cap~tal improvement
upon the Common Properties, including the necessary fixtures and personal property
related thereto, provided that any such assessment shall have the assent of two-
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~ thirds of the votes of each class of Members who are voting in person or by proxy
at a meeting duiy called for this purpose, written notice of which shall be sent _
to all Members at least thirty (30) days in advance and shall set forth the purpose
a of the meeting.
Section 6. Change in Basis and Maximum of Annual Assessments. Subject to.
the limitations of Section 4 hereof, and for the periods therein specified, the
Association may change the maximum and basis of the assessments fixed by Section 4
hereof prospectively for any such period ~rovided that any such change shall have
the assent of~two-thirds of the votes of each class of Members, who are voting in
~ persor. or proxy, at a meeting duly called for this purpose, written notice of
~ which shall be sent to all Members at least thirty (30) days in advance and shall
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~ set forth the purpose of the meeting, provided further that the limitations of
~ Section 4 hereof shall not apply to an~~ change in the maximu~n and basis of the
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