HomeMy WebLinkAbout0693 least two officers of the Associati~n; provided, however, th~t the provisions
of the Management Agreement between the Association and the Management
Firm relative to the subject matter in this Section shail sapersede the pro-
visions hereof.
Section 2, Fidelity ~onds. The Treasurer and all officers who
are authorized to sign checks, and all Cfficers and employees of the Assoc-
iation, and any contractor handling or responsible for Associati~n funds
shall be bonded in such amount( s) as may be determ ined by the goa rd of
Administration. Ihe premiums on s~i~h bonds s~all be paid by the ~
Association. Such bond(s) shall be in an amount(s) s~ifficient to equal the
monies an individual handles or has contr~I ~ver as signatory upon any
ac~ounts; howevec, notwithstanding the foregoing, the Management Firm,
under the terms of the Management Agreement,. as.to funds-in its posses~ion
and/or control, shall determine, in its sole discretion, who shall be bonded,
if any, among its •agents and/or em ployees and in such case a nd upon such ~ '
determina.tion, the premium(s) on such bond(s) sha21 be paid by the Assoc-
iation. ~
Section 3. Fiscal Year. The fisca,i year for the Associa.tion ~
shall begin on the first day of January of each year; provided, however, that
the ~oard of Administration is expressly authorized to change to a different
fisca.I year in ac~ordance with the provisions and regulations fr~m time to
time prescribed by the Interna.l Revenue Code of the United Sta.tes of America,
if the E~oard of A dministra.tion deems it advisa:ble; provided~ however, that
the Mana.gement Firm, as lonq a~ the Management Agreement remains in
effect, shall be authorized to set the fiscal year, as determined in its sole
dis ~retion. ~
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Se~tion 4, retermination of Assessments. ~
(a) A copy of the proposed annual budget and statement of assess-
ments for common expenses and maintenance fees sha,ll be mailed to the ~
U nit Cwner(s) not less than thirty (30) days prior to the meeting at :vhi~h the
budget will be considered together with the Notice of that meeting. The
budget may be ad~pted by the L~ard of Administration provided, h~wever,
that all Unit Cwners shall be qiven written notice ~f the time and place of
the meeting in which the annual budget will be ~onsidered by the R~ard of
Administt~.tion. Such meetinq sha.ll be open to all Unit Cwners. If the
budget is adapted which exceeds 115~ of the ~previous year's budget, up~n
written application of 10~v of the Unit Cwners, a special meetinq of the Unit
Cwners shall be held upon not less than ten (10) days written n~tice to ea,ch -
Unit Cwner but within thirty (30) days of delivery of such applia.ti~n to the
Loard of Administra.tion or any member thereof, at wnich soecial meeting
Unit Cwners may consider and enact a revision of the budget or re~.ll any
and all members of the Board of Adrr~inistration and elect their succe~sors.
gr The vote which shall he required for the revisions ~f the budget as pr oposed
and prepared by the Management Firm for ra.tification mu~t incZude an
~.J affirmative vote of 90~0 of a unit owner's TURTLE REE'F CCNL~CMINILIM T
~ to ~ revise (unless a lesser vote be required by the C'ondominiuFn Act).
~ In determining whether assessments ex~eed 115~,h of ~imilar assessments in
~?rior years, there shall be ex~luded in the computation any provisi~r~ for
~ , reasonable reserves made by the L~ard of Administration or the Management
~ Firm in respect of repair or replacement of the Condominium property or in
~ respect of anticiPa.ted expenses by the C~ndominium Association wh:ch are
~ not anticipated to be incurred on a regular or annual basis and there shall be
p~' ex~luded from such computation, assessments for betterments to the ~
condominium property or assessments for betterment t~ be im~osed by the
w. R. scoTr ~ard of Administration. Provided, h~wever, that so long as the L~eveloper is
"'~°"""`"T`"'" in control of the B~ard of Administration, the goard shall not imp~se an
assessment for a year greater tha,n 115ro of the prior fiscal or calendar year's
~°""T. assessment without the approval of the majority of the Unit Cwner~. Assess-
~i4~4
nents shall be made against unit own~rs not less frequently that qua.rterly in
mounts -no less than are required to provide funds ir; advan~e for paymeat of
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