HomeMy WebLinkAbout2477 The same reduction in the amount of the assessment shall apply to the first asse~sment
levied against any property~which is hereafter added to the properties naw sub~ect
to assessment at a time other than the beginning of any assessment period.
ltie due date of any special assessment under Section 5 hereof shall be fixed in
the resolution authorizing such assessment. '
Section 4. Basis and Maximum of Annual Assessments. From the date of
co~nencement of annual assessments until the year beginning January 1, 1983, the
annual assessment shall be Sixty Dollars ($60) per Lot or Living Unit. From
and after January, 1983, the annual assessment may be ad~usted by vote of the
Members, as hereinafter provided, for the next succeeding three years and at the
end of each such period of three years for each suceeding period of three years.
The Board of Directors of the Association may, after consideration of current
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maintenance costs and future needs of the Association, fix the actual assessment E
for any year at a lesser amount.
Section 5. Special Assessment for Capital ImProvements. In addition to ~
the annual assessments referred to in this Article, the Association may levy
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in any assessment year a special assessment, applicable to that year only, for
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the purpose of defraying, in whole or in part, the cost of any construction or ' ?
reconstruction, unexpected repair or replacement of a described capital improvement
upon the Co~on Properties, including the necessary fixtures and personal property
related thereto, provided that any such assessment shall have the assent of two-
f thirds of the votes of each class of Members who are voting in person or by proxy
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P 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 set forth the purpose
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~ of the meeting.
~ Section 6. Gfiange 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 ma~cimum and basis of the assessments fixed by Section 4
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~ hereof prospectively for any such period provided that any such change shall have
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~ the assent of two-thirds of the votes of each class of Me~ers, who are voting in
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person or proxy, at a meeting duly called for this purpose, written notice of
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~ 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 appYy to any change in the maximum and basis of the ~
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