HomeMy WebLinkAbout2062 operations. The balance in this fund at the end of each year shall
be applied to reduce the assessments for current expenses for the
succeeding year, or may be distributed to the membership, as fihe
Directors shall determine.
(b) Reserve for deferred maintenance, which shall
include funds for maintenance items fihat occur less frequently tha~i
annually.
(c) Reserve for replacement, which shall include funds
for repair or replacement required because of damage, depreciation
ar obsolescence. ~
(d) BetteMnents, which shall include the funds to be
used for capital expenditures for additional improvements or addi-
tional personal property that will be part of the common elements.
(e) Operations, which shall include gross revenues
from the use of common elements and from other sources. Only the
additional direct expense required by any revenue producing operation
cvill be charged to this account, and any surplus from any operafiion
~ shall be used to reduce the assessments for current expense for the
~ year during which the surplus is realized, or, at the discretion of `
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~ the Board of Directors, in the year following the year in which the
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; surplus is realized. Losses from operations shall be met by special
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~ assessments against condominium unit owners, which assessments may
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'S be made in advance in order to provide a working fund.
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~ G.2 Budget. The Board of Directors shall adopt a budget
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~ tor eanc ~alendar year that shall include the estimated funds required
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~ to defray the common expense and to provide and maintain funds for
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reserves. f
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3 6.3 Assessments. Assessments against the condominium unit
ocvners for their share of the items of the budget shall be made for ~
' the calendar year annually in advance on or before December 20th. -
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precPding thE year for whieh the assessments are made. Such assess-
menfis shall be due in twelve equal installments, payable on'the first £
day of ea•;h month of the year for whic}i the assessments are made. If
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an annual assessment is not made as required, an assessment shall be ;
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