HomeMy WebLinkAbout2673 and adequate reserve accounts for capital expenditures and deferred
maintenance including, but not limited to, roof replacement,
building painting, and pavement resurfacing - the computation of
which shall be based upon estimated life and estimated replacement
cost and may include the Property Owners' Association assessment.
b. A breakdown showing the proposed assessment against each
owner for the above expenses.
Written notice of the Board Meeting when the budget is to be
considered for adoption and a copy of *!?p proposed budget shall
be given to each Unit Owner not less than thirty (30) days prior
to such meeting and such Board Meeting shall be open to the Unit
Owners.
If a budget is adopted by the Board of Directors which
requires assessment against the Unit Owners in any fiscal or
calendar year exceeding 115$ of such assessments for the preceding
year, upon written application of ten percent (10$) of the Unit
Owners to the Board of Directors, a special meeting of the Unit
Owners (members) shall be held upon not less than ten (10) days
written notice to each Unit Owner, but within thirty (30) days of
the delivery of such application to the Board of Directors or any
member thereof, at which special meeting Unit Owners shall consider
and enact a budget. The revision or adoption of the budget shall
require a vote of not less than three-fourths (3/4) of the whole
number of all Unit Owners. The Board of Directors may in any
event propose a budget to the Unit Owners at a meeting of members
or by writing, and if such budget or proposed budget be approved
by the Unit Owners at the meeting, or by a majority of their
whole number by a writing, such budget shall be adopted and such
budget shall not thereafter be reexamined by the Unit Owners in
the manner hereinabove set forth. In determining whether assess-
ments exceed 115$ of similar assessments in prior years, there
shall be excluded in the computation any authorized provision for
reasonable reserves made by the Board of Directors in respect of
I~ repair or replacement of the Condominium Property or in respect
of anticipated expenses by the Association which are not anticipated
~ to be incurred on a regular or annual basis and there shall be
excluded from such computation assessments for reserves for
betterments to the Condominium Property. Provided, however, that
~ so long as the Developer is in control of the Board of Directors,
! the Board shall not impose an assessment for a year greater than
~ 115$ of the prior fiscal or~calendar year's assessment without
approval .of a majority of the Unit Owners.
Section 6. The Board of Directors shall require that a
o fidelity bond shall be obtained for all officers or directors of
the Corporation who control or disburse the Corporation funds.
The amount of such bond shall be determined by the Board of
Directors and the premium on such bond shall be paid by the
Corporation as an item of general expense.
Section 7. All assessments paid by members of the Corporation
for the maintenance and operation of the Condominium shall be
utilized by the Corporation for the purpose of said assessments.
~ Any excess of monies received from said assessments paid by any
r members shall be held by the Corporation for the use and benefit
g of the members. Any surplus held by the Corporation after the
f payment of expenses for maintaining and operating the general
common elements shall be considered as general surplus and held
for the benefit of all members. No distributions of any surplus
{ shall be made in cash to the members at any time.
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