HomeMy WebLinkAbout1506 pro rata basis any expenses which are prepaid in any one calendar year for
Common Expenses which cover more than such calendar year; (iv) Assessments
shall be made not less frequently than quarterly in amounts no less than are
required to provide funds in advance for payment of all of the anticipated
current operating expenses and for all unpaid operating expenses previously
incurred; and (v) Common Expenses incurred in a calendar year shall be
charged against income for the same calendar year regardless of when the bill
for such Common Expenses is received . Notwithstanding the foregoing ,
Assessments shall be of sufficient magnitude to insure an adequacy and avail-
ability of cash to meet all budgeted expenses and anticipated cash needs in
any calendar year .
(e) The depository of the Association shall be such bank or banks
as shall be designated from time to time by the Board in which the monies of
the Association shall be deposited . Withdrawal of monies from such account
shall be only by checks signed by such persons as are authorized by the
Board .
(f) An audit of the accounts of the Association shall be made
annually by an auditor, accountant or Certified Public Accountant designated
by the Board and a copy of a report of such audit shall be furnished to each
Member no later than the first day of March of the year following the year
for which the report is made. The report shall be deemed to be furnished to
the Member upon its delivery or mailing to the Member at his last known
address shown on the books and records of the Association .
7.3 Until the provisions of~ Section 718.112(2)(f) of the Act relative to
the Members approval of a Budget requiring Assessments against the Members
in excess of 115 of such Assessments for the Members in the preceding year
are declared invalid by the Courts, or until amended by the Florida Legislature,
(however, if such Amendment merely substitutes another amount for 115 0,
then such new amount shall be substituted for 115$ each time it is used in
this Section 7.3) the following shall he applicable:
(a) Should the Budget adopted by the Board at the Budget Meeting
require Assessments against the Members of an amount not greater than 115$
of such Assessments for the prior year, the Budget shall be deemed approved.
If, however, the Assessments required to meet the Budget exceed 115°a of
such Assessments against the Members for the preceding year (an "Excess
Assessment"), then the provisions of Sections 7.3(b), (c) and (d) hereof
shall be applicable; provided that in computing whether an Assessment consti-
~ tutes an Excess Assessment, there shall be excluded from such computation
j certain expenses (the "Excluded Expenses") , including the following
(i) Reasonable reserves for repair or replacement of the
Condominium Property;
(ii) Anticipated expenses by the Association which are
not anticipated to be incurred on a regular or annual basis; and
(iii) Assessments for betterments to the Condominium
.Property.
~ (b) While the Board is "controlled by the Developer": Should an
~ Excess Assessment be adopted by the Board while the Developer is in control
>s
of the Board, then a special meeting of the Members shall be called by the
Board which shall be held not less than ten (10) days subsequent to the
sending of written notice to each Member, but within twenty (20) days after
t the Budget Meeting.- At said special meeting, the Excess Assessment shall be
10
9
':s
BooK 304 PACT 1504
3
t
~k
2 _ .cea-. ~z~rx_ - ~